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Oct. 13, 2021

FINRA Report Outlines Growing Adoption of Cloud Computing by Securities Industry and Associated Regulatory Concerns

  • Vincent Pitaro
    Cybersecurity Law Report
The market for cloud computing is expected to grow from the $182 billion it was in 2018 to well over $300 billion in 2021, according to a recent Financial Industry Regulatory Authority (FINRA) report. The report discusses the opportunities and challenges of cloud computing with nearly 40 broker-dealers, cloud service providers and other securities industry businesses. It addresses common cloud computing models, how the financial services industry has been adopting cloud computing and the regulatory concerns associated with the move to the cloud. This article examines the findings and regulatory concerns discussed in the report, with commentary from Valerie Dahiya, a partner at Perkins Coie and a former SEC official and broker-dealer examiner. See “Adopting a Cloud-First Mindset: How Operational Resilience and Security Issues Change Without On-Premises Infrastructure” (Jul. 28, 2021).

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