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Federal Financial Institutions Examination Counsel

by Sarah M. Glaser, Esq., Associate, Saxon, Gilmore, Carraway & Gibbons, P.A.

In June 2012, the Federal Financial Institutions Examination Counsel (“FFIEC”), an interagency body that supplies standards, reports and principles for financial institutions, published a statement setting forth risks and issues related to outsourced cloud computing activities.

Cloud computing involves using the internet to connect financial service providers, their vendors, and consumers. The FFIEC’s statement highlights the benefits and risks of using cloud computing and provides cautions to financial service providers and consumers alike.

For more information on the risks associated with cloud computing, please click here.

 

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