updated 10/22/13 07:09 AM
Complete Your Due Diligence
What is "cloud computing," and what are the potential risks for your credit union?
Clarissa Martin, Research and Information Consultant for the California and Nevada Credit Union Leagues
Cloud computing is defined as hardware, networks, storage, services, and interfaces that are combined to deliver requested computer services. It is a migration from owned resources to shared resources in which client-users receive information technology services on demand from third-party service providers via the Internet "cloud."
It's important for credit unions to complete their due diligence, look at the several models offered, and consider the potential risks. Credit unions should continually assess the following:
  • Data classification
  • Data segregation
  • Recoverability
  • Vendor management
  • Audits
  • Information security
  • Legal, regulatory, and reputational considerations
  • business continuity planning
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