Australian cloud computing specialist Myriad Minds today voiced frustration at APRA's recent letter to deposit-taking institutions, insurers and superannuation trustees regarding "considerations" around cloud computing.
Glenn Elliott, Managing Director of Myriad Minds, said of APRA's letter: "It's vague, fear-inducing and just not very helpful. APRA emphasises the need for proper risk and governance processes for cloud computing initiatives, but why specifically for cloud? The implicit assumption is that cloud computing is inherently riskier than traditional on-premise solutions. I challenge that assumption."
Elliott pointed out the importance of IT risk management regardless of where the infrastructure is physically located. "The fact is that sound risk and governance processes are essential for any IT solution. The market leading cloud computing providers manage IT risk for a living, not as an adjunct to their primary business. The right cloud computing strategy, correctly implemented, presents an opportunity to improve the IT risk profile of an organisation."
Glenn Elliott is the Managing Director of Myriad Minds, a specialist cloud computing services company based in Sydney, Australia.