The Fintech Open Source Foundation (Finos) is in the process of establishing an open standard initiative aimed at defining uniform protocols for compliant public cloud deployments within the financial services domain.
Built upon a methodology pioneered by Finos' member, Citi, this undertaking seeks to create a cohesive framework of cybersecurity, resiliency, and compliance regulations applicable to shared services across major cloud vendors. This endeavor operates within a rapidly evolving landscape characterized by intricate regulatory variations.
Through the formulation of a consolidated classification of typical services and their associated vulnerabilities, the project also endeavors to mitigate the potential hazards linked to a concentration of cloud resources. Recent reports from regulatory bodies in the United States, United Kingdom, European Commission, and Singapore have underscored this concern.
Joining forces with Citi in this endeavor are numerous Finos affiliates, including Bank of Montreal, Goldman Sachs, Morgan Stanley, Royal Bank of Canada, London Stock Exchange, Natwest, Google Cloud, and GitHub.
Jim Adams, Chief Technology Officer and leader of technology infrastructure at Citi, expresses, "The demand for a Cloud Standard that can enhance specific security and control protocols across the Financial Services sector is evident. This initiative simultaneously simplifies and democratizes access for all institutions, enabling them to effectively and advantageously utilize public cloud resources."
Adams adds, "Collaboration with industry peers is imperative to ensure uniformity among various cloud service providers, enabling the sector to embrace comprehensive multi-cloud strategies."