Bank of America and IBM, along with IBM's regulatory compliance arm Promontory Financial Group, have partnered to build a cloud for banks that has security, privacy and bank-specific regulatory compliance built in.
The special-purpose cloud is designed to address challenges that hold banks back when they think about adopting cloud computing.
“We believe that the whole industry has some unique challenges with the public cloud around compliance, security and resiliency,” said Bridget van Kralingen, senior vice president for global industries, clients, platforms and blockchain at IBM. “Governance, risk and compliance consumes around 20% of the operations costs of most major banks.”
The requirements for security, data protection and regulation in general change continually, she said.
“Because of that, many banks have not moved their production workloads to public cloud providers," van Kralingen said. "There is not enough focus on those specific control requirements for the industry."