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Treasury Issues Cloud Security Blueprint for Finance
The U.S. Treasury Department and the Financial Services Sector Coordinating Council (FSSCC) have released comprehensive guidelines to help financial institutions securely adopt cloud technology. These resources result from a year-long partnership between industry and government experts.
The initiative aims to enhance the security and efficiency of cloud adoption in the financial sector. It includes:
- A common language for financial institutions and regulators to use when discussing cloud technology.
- It has improved information sharing and coordination for examining cloud service providers (CSPs).
- Best practices for managing the risks associated with using third-party cloud services.
- A roadmap for financial institutions considering cloud adoption.
- Strategies for increasing transparency and monitoring cloud services.
The Treasury Department created the Cloud Executive Steering Group (CESG) to address cloud-related challenges. This group, formed in collaboration with the Financial Stability Oversight Council (FSOC), is a key part of this initiative.
Government and industry leaders have praised the collaboration and the importance of protecting the financial system from cyber threats. The resources provide a framework for continued partnership between the public and private sectors to strengthen the security and resilience of the financial industry.
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