Tony Chew, director of technology risk at the Monetary Authority of Singapore told a security conference in the United States that regulators were unlikely to allow a bank to put customer data into the cloud without significant due diligence, pointing out that in Singapore such behaviour could be punished with a three year jail term and a hefty fine. Full story
Singapore regulator casts doubt on banking clouds
iTnews.com.au, 21 Oct 2010
Banks considering using third party cloud computes for core applications are likely to meet strong opposition from regulators, according to an executive at the Monetary Authority of Singapore.
Tony Chew, director of technology risk at the Monetary Authority of Singapore told a security conference in the United States that regulators were unlikely to allow a bank to put customer data into the cloud without significant due diligence, pointing out that in Singapore such behaviour could be punished with a three year jail term and a hefty fine. Full story
Tony Chew, director of technology risk at the Monetary Authority of Singapore told a security conference in the United States that regulators were unlikely to allow a bank to put customer data into the cloud without significant due diligence, pointing out that in Singapore such behaviour could be punished with a three year jail term and a hefty fine. Full story
