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1、Digital MonetaryInstitute THE NEW FRONTIERCENTRAL BANKING AND CLOUD SERVICES:CENTRAL BANKING AND CLOUD SERVICES:OMFIF CENTRAL BANKING AND CLOUD SERVICES:THE NEW FRONTIER 23 Foreword:Unlocking the power of public cloud By Howard Boville,senior vice president and head of IBM Cloud Platform&Technology

2、Lifecycle Services4 Introduction&Key findings:Cloud:the new frontierCentral banks are increasingly turning to new technologies and strategies to manage their expanding responsibilities and requirements for data collection,storage and analysis6 Chapter 1:Embracing the cloudWhile there are some concer

3、ns preventing central banks and institutions from fully adopting cloud technology,there are also clear benefits to doing so10 Chapter 2:Risks and trade-offsAdopting the cloud comes with challenges and creates security risks,which are deterring some institutions from fully making the transition14Furt

4、her reading4610CENTRAL BANKING AND CLOUD SERVICES:THE NEW FRONTIER3 OMFIF.ORG/DMI3EARLY in 2023,the US Treasury released its cloud report,highlighting considerations for financial services organisations when working with a cloud provider.Moves like this indicate that US policy-makers and regulators

5、are following the lead of their UK and European counterparts in intensifying oversight of public cloud usage,scrutinising the risk posed by engaging with third-and fourth-party vendors and focusing on the need to mitigate concentration risk coming from cloud service providers.The regulatory scale is

6、 tipping from a focus on IT risk management to a broader consideration of the operational and digital resilience needed for financial stability and service dependability.The goal is clear:to minimise the impact of disruption and the risk of customer harm by closing gaps in the supply chain.IBM belie

7、ves that security,reliability and trust need to be at the centre of decision-making on where enterprise workloads and applications reside.While central banks have a very different mission to commercial financial entities,what they have in common is the need to modernise their IT operations to suppor

8、t the digital transformation and analytical use cases,contain costs,source key skills and mitigate operational and cybersecurity risks.Central banks have a complex relationship with public cloud technology:they are some of the most sophisticated users in financial services with analytical demands of

9、 immense scale,complexity and criticality.They are also increasingly positioned as prudential overseers of public cloud usage and cloud service providers themselves.While the duality may create tension,this two-pronged posture is important because the learning-by-doing on the IT side of central bank

10、s can provide invaluable insight into the opportunities and challenges that public cloud technologies bring to the sector.Done correctly,I believe cloud can deliver unparalleled benefits in performance and total cost of ownership without compromising resiliency,security and compliance.But delivering

11、 on this vision requires a concerted effort across the entire financial services ecosystem.Without an approach that balances the ambitions of individual firms with collective,societal responsibility,the promise of cloud technology risks getting lost amid regulatory uncertainty and technical fragment

12、ation.This is why I am such a strong advocate of initiatives that bring us together as a community to drive better outcomes.One of the aspects I am most encouraged by is how the entire financial services industry,from large global institutions to regional and community banks,is coming together to le

13、arn and share best practices and ideas.Over the last five years,we have been working with global and regional financial institutions to de-risk cloud consumption.With the IBM Financial Services Cloud Council a trusted network of more than 130 financial services experts and our continuous dialogue wi

14、th regulators and likeminded organisations such as the Cloud Security Alliance,we are harnessing the intelligence of the industry.As a result,we have built a consistent standard for security controls that addresses the evolving regulatory and threat landscape through the IBM Financial Services Cloud

15、 Framework.I see public cloud as an enabler of a better future for financial services,not as a destination.For every stakeholder in the ecosystem,evolving operational resilience and third-party regulation is a reminder that the industry needs broad collaboration incentivised by outcome-orientated po

16、licies that enables cloud-native innovation and safeguards financial stability.Working together intelligently,I firmly believe we can ensure that one set of desirable outcomes does not come at the cost of the other.FOREWORDRegulations are evolving and institutions are recognising the need to address

17、 operational resilience.By Howard Boville,senior vice president and head of IBM Cloud Platform&Technology Lifecycle Services.UNLOCKING THE POWER OF PUBLIC CLOUDDONE CORRECTLY,I BELIEVE CLOUD CAN DELIVER UNPARALLELED BENEFITS IN PERFORMANCE AND TOTAL COST OF OWNERSHIP WITHOUT COMPROMISING RESILIENCY,

18、SECURITY AND COMPLIANCE.OMFIF CENTRAL BANKING AND CLOUD SERVICES:THE NEW FRONTIER 4USE of the public cloud is fast becoming ubiquitous in financial services.A survey conducted by the American Bankers Association in 2021 found that more than 90%of institutions in the US banking industry are using the

19、 cloud for some of their applications.Many third-party providers are discontinuing their on-premises product offerings and providing applications and services only within cloud infrastructure.While individual central banks,along with the Bank for International Settlements and the Financial Stability

20、 Board,have voiced concerns about the dependence of the financial sector on cloud service providers and the potential impact on financial stability,the need for sophisticated data analysis software means that it is becoming increasingly difficult for them to avoid cloud entirely.The ability to pass

21、off responsibility for managing data centre infrastructure to a third party with the potential to benefit from on-demand self-service,resource pooling,scalability and rapid elasticity,pay-as-you-go pricing,reliability,availability and security has proven a compelling argument for many private sector

22、 financial institutions to migrate parts of their infrastructure to the cloud.Central banks are increasingly receptive to the benefits of the public cloud model and can learn from and build on the experiences of commercial banks that have already advanced their cloud adoption.At least in the short t

23、erm,certain private sector financial institutions are opting for a hybrid approach,keeping the most sensitive data personally identifiable information in on-premises storage,while benefitting from the superior technology available from cloud service providers for less sensitive data.As comfort aroun

24、d encryption capabilities grows,however,organisations are likely to be happy to migrate more sensitive data to public clouds as well,to the extent permitted by regulation.However,central banks are reluctant to relinquish the control over their data that an on-premises architecture gives them.This is

25、 despite the fact that they have many of the same needs as private sector enterprises,as well as the same responsibilities to keep their data and infrastructure safe from cyberattack or ordered release.For commercial banks,the move to cloud has provided advantages that central banks are denying them

26、selves because of their preference for managing their own on-premises infrastructure.For this report,we conducted interviews with central banks and private,regulated financial infrastructure providers on their cloud strategies,building up a picture of what cloud can offer central banks and the chall

27、enges they face in adopting it.As well as exploring the benefits that cloud migration offers central banks,we examine the ways in which financial institutions in the private sector have addressed the hurdles that are hampering central bank cloud adoption.Some of these challenges are technical,some a

28、re legal,while others are cultural,and different solutions are needed to address each.We hope that this paper will help to shed light on the remaining obstacles,highlight possible solutions and provide impetus for further ecosystem-level collaboration between policy-makers,banking supervisors,financ

29、ial institutions,cloud service providers and IT and cloud practitioners from all stakeholder groups.INTRODUCTIONCentral banks are increasingly turning to new technologies and strategies to manage their expanding responsibilities and requirements for data collection,storage and analysis.CLOUD:THE NEW

30、 FRONTIER OMFIF.ORG/DMI5KEY FINDINGSRegulatory challenges are a major obstacle in many jurisdictions but ensuring that regulators are well-educated about the benefits of technology and the risk-mitigating safety features that are available can help.Public cloud infrastructure benefits from economies

31、 of scale that do not apply for single-tenant architecture.These benefits include:Users get much quicker access to premium technology than would be economically feasible for an on-premises set-up.Users get access to computational resources on a pay-as-you-go basis,rather than having to purchase reso

32、urces for their peak needs.Users benefit from a cybersecurity threat response team that is available 24/7 without needing to invest directly in these resources themselves.Data sovereignty is among central banks biggest concerns around cloud migration.However,many other regulated entities,including b

33、anks and other financial market players,are effectively mitigating the sovereignty risk with a combination of legal and technical tools.These include:Hybrid cloud architecture to keep sensitive data on premises Legal guarantees of data localisation Cryptographic keep-your-own-key security measuresCH

34、APTER 1 While there are some concerns preventing central banks and institutions from fully adopting cloud technology,there are also clear benefits to doing so.EMBRACING THE CLOUDOMFIF CENTRAL BANKING AND CLOUD SERVICES:THE NEW FRONTIER 6 OMFIF.ORG/DMI7ADOPTING cloud technology can enable users to ac

35、cess cutting-edge capabilities and simplify their IT operations.Although it can be a challenging transition to manage and requires complex redesigns of systems,consensus is building that this work is worth the effort.Regulatory barriersThe first and most obvious obstacle to embracing cloud technolog

36、y is that the decision to migrate to public cloud infrastructure does not always sit with the central bank.Many governments formulate policies that limit the ability of public institutions to use public cloud infrastructure.Some allow this use but only if the data centres are in the same country or

37、within the same region(European Union governments typically require public institutions to store data within the EU and with providers that are headquartered there).Others only allow the use of certain providers,often those headquartered in the country.The Bank of Korea,for example,only allows publi

38、c institutions to use cloud services that are qualified by the Cloud Security Assurance Programme.Thus far,this list includes only domestic cloud service providers,but it is likely that their global counterparts will join them soon.In Europe,national central banks will have to pay close attention to

39、 the guidelines agreed by the European System of Central Banks IT committee,on which all the constituent central banks are represented.Once the guidelines from the ESCB are published,we will have to factor that into our own IT strategy,said an official from a central bank who asked to remain anonymo

40、us.The absence of regulatory clarity remains a major stumbling block for broader adoption in financial services,both for the public and the private sector.In a report published in December 2022,the Association for Financial Markets in Europe cited regulatory complexity as one of the major challenges

41、 slowing cloud adoption.This conclusion has been echoed in research in other jurisdictions.This is particularly the case for Europe,where localised implementations of bloc-wide regulations have complicated the landscape.It is likely that this consideration affects public sector institutions more sev

42、erely than those in the private sector.Where the private sector can seek legal advice and make the best effort to comply with regulations as they understand them,public institutions tend to be even warier because of reputational risk.Overcoming these regulatory hurdles is an important challenge.It i

43、s only through liaison with their government that central banks might be able to effect changes in the regulation that gives them the freedom to decide to use public cloud.These discussions must be framed by a clear understanding of central banks data infrastructure needs,the problems they face and

44、the solutions cloud providers can offer.Flexible access to large-scalecomputational powerOne of the core value propositions of cloud services is the flexible access to large-scale computational power.This consideration varies in importance depending on the activities of the central bank.For central

45、banks that directly or indirectly manage payments systems(whether retail like the Banco Do Brasils Pix,or wholesale like the Saudi Arabia Monetary Authoritys sarie),high computation capacity is a key consideration.While it is possible to build sufficient capacity even for high-volume trading platfor

46、ms on premises,load variability makes this challenging.With the demands entailed by transaction peaks,its important to have cloud.Without the load balancing cloud offers,less sophisticated systems can be overwhelmed,said Majid Malaika,chief adviser to the SAMA vice governor and an expert on cloud co

47、mputing and cybersecurity.Yes,its possible to replicate that environment with on-premises architecture,but that means building enough capacity to support peak volume.Consider the difference between the capacity required at 4.30pm on the last shopping day before Christmas and 12 hours later.For much

48、of the time,it is likely that only a tiny fraction of the peak computational power will be required.Cloud services allow computational power to be delivered flexibly,as needed.For central banks considering a central bank digital currency,this is likely to be an important factor.While developing the

49、capacity in-house is certainly possible,it is much more difficult than using a cloud services provider.THREE YEARS AGO,I WOULD HAVE SAID WE ARE NOT GOING TO MIGRATE TO PUBLIC CLOUD INFRASTRUCTURE BECAUSE WE CANT BE CONFIDENT IN THE CYBERSECURITY OF CLOUD SOLUTIONS.BUT THE PANDEMIC PUSHED US TO IT.Ce

50、ntral banker who asked to remain anonymousOMFIF CENTRAL BANKING AND CLOUD SERVICES:THE NEW FRONTIER 8But even central banks without payments systems to manage might have a need for large-scale computational power.Artificial intelligence and machine learning are increasingly common tools for central

51、banks to perform analysis of large volumes of data,particularly when that data is in an unstructured format.We are experimenting with high-performance machine learning,said Bruno,head of IT,economics and statistics,Banca dItalia.We are using public cloud environments to train neural networks or mach

52、ine learning models.In our experience,by using public cloud infrastructure we can reduce training time substantially relative to conducting the same work on premises.As with payments systems,demand for this kind of computing power among central banks is often likely to be an occasional necessity.It

53、makes sense for us to use that capacity on a pay-as-you-go basis,said Bruno.For us to buy hardware that gives us that kind of capacity would be expensive,particularly when we dont need it every day.Access to premium technologySoftware as a service is an increasingly prevalent delivery model.Central

54、banks are fast discovering that some level of comfort with cloud-hosted services is likely to be necessary if they are to operate at the level of efficiency they expect.The Covid-19 pandemic has catalysed a significant change of attitudes among many central banks on this point.Three years ago,I woul

55、d have said we are not going to migrate to public cloud infrastructure because we cant be confident in the cybersecurity of cloud solutions,said a central banker who asked to remain anonymous.But the pandemic pushed us to it.We had an outdated conferencing tool when the pandemic hit and high-level m

56、anagement within the bank demanded that we get access to a more sophisticated collaboration tool.Taking that decision required us to assume additional risk,but it enabled us to discover that we can do things in the public cloud safely and securely,they said.The team was tasked with making our collab

57、oration tools secure in the public cloud and they achieved it.While this is a relatively modest step compared to those taken in the private sector,it reflects an important development:becoming comfortable with operating SaaS in a secure fashion opens the door to more elaborate cloud integration.The

58、flexibility public cloud services offer also gives customers access to the newest and highest-quality equipment.This is an important consideration for both central banks and private customers.For us,the most significant consideration for cloud adoption is the access to newer technological stacks.Its

59、 not feasible for us to bring in new functionalities on premises as quickly as cloud providers can do it,said Andrzej Mikolajczak,group chief technology officer at Euroclear.The economies of scale that cloud service providers can leverage make it far more feasible for them to deliver the most sophis

60、ticated and modern equipment on a constantly updated basis in comparison to on-premises infrastructure.The scale and variety of public cloud customers needs mean that it is economically efficient for them to provide top-end equipment almost as soon as it becomes available.This is,generally speaking,

61、impossible to achieve with on-premises infrastructure.Bruno explained:Typically,our IT equipment has a lifecycle of around five years,which allows us to amortise the costs over the period.A lot of our infrastructure will be in place for a substantial time.Using a cloud services provider is not neces

62、sarily a cost-saving measure here.In Brunos experience,the prices for the major cloud services provider were not substantially cheaper than the cost of purchasing the equipment,amortised over its lifespan.However,even if the costs are the same,using public cloud infrastructure means that,over a peri

63、od of five years,the customer is using constantly updated technology,with improved performance or security standards.In the case of on-premises infrastructure,as well as the cost of purchasing new hardware and software,central banks must retain the expertise necessary to install and maintain that eq

64、uipment in-house,which can prove challenging.Easing staffing challengesA major consideration behind the private sectors migration to public cloud infrastructure is the fact that it reduces the scale and complexity of resources they need to find and dedicate to building and maintaining their data inf

65、rastructure.Staffing in this area is particularly difficult.Many in the financial services and central banking community have found it difficult to find staff that have the skills and expertise required to build and maintain their own infrastructure.This is a particularly important consideration for

66、 smaller central banks,where resources are more limited.Many infrastructure maintenance issues,and THE USE OF PUBLIC CLOUD SERVICES CAN BE DONE WELL IF THE INFRASTRUCTURE IS DESIGNED AND SET UP CORRECTLY.BUT THE PEOPLE WHO HAVE THE EXPERTISE TO SET UP INFRASTRUCTURE OF THAT COMPLEXITY ARE STILL RARE

67、.Dirk Thomas,Big Data Advanced Analytics,Commerzbank OMFIF.ORG/DMI9especially cybersecurity services,require teams to be available to respond to threats 24/7.It is also important to acknowledge that central banks with more complex needs will require more complicated infrastructure.Building a payment

68、s infrastructure in the public cloud is a particularly complex undertaking.The use of public cloud services can be done well if the infrastructure is designed and set up correctly,said Dirk Thomas,who works on big data advanced analytics at Commerzbank and built up the European Cloud User Coalition.

69、But the people who have the expertise to set up infrastructure of that complexity are still rare.The marketplace for data technology professionals is extremely hot and public institutions often find it difficult to compete with the salaries and flexible working arrangements offered by the private se

70、ctor.Cloud services allow much of this responsibility to be outsourced.Cloud service providers can easily supply the technical expertise required to procure,install and maintain data centre hardware and software.However,for central banks to be comfortable with the data centre management strategy bei

71、ng conducted by a third party,it might require them to conduct tours to review the controls.This was particularly difficult to arrange during the Covid-19 pandemic.Disaster recovery and operational resilienceOne of the advantages that led to commercial banks embracing cloud technology is the ease wi

72、th which cloud services can provide facilities for disaster recovery.On-premises solutions require remote data centres to ensure service continuity in the case of accidents or a natural disaster rendering the main centre unusable.These can be expensive and complicated to develop and maintain.The clo

73、ud can store copies of customers architecture in multiple locations simultaneously,allowing customers to switch from their primary data centre to a redundancy option with little or no loss of data.Though cloud services can be expensive,the complexity of building and maintaining disaster recovery ser

74、vices can at least partly be outsourced to the cloud provider.However,many central banks envisage a situation where only part of their infrastructure is migrated to the cloud.Some data,particularly any personally identifiable information,will most likely remain on premises for the foreseeable future

75、.This means they will still have disaster recovery components to manage themselves,but the requirements may be less onerous if a substantial part of their infrastructure is in the cloud.It is important to remember that,though reliable,public cloud infrastructure is not infallible.Cloud migration bri

76、ngs its own challenges from a disaster recovery perspective.The simplest approach to cloud adoption is to use a single provider for all cloud-based applications.This reduces the complexity of training and development required and makes threat monitoring simpler.However,this approach carries risks.So

77、me users may wish to avoid being locked into the services of a single vendor.Central banks must consider the possibility that the cloud provider they select,rather than an individual data centre,might become compromised in some respect,perhaps from a cybersecurity or data sovereignty perspective.In

78、such a case,central banks must be able to quickly migrate their infrastructure either to another non-compromised cloud provider or to their on-premises infrastructure,without substantial disruption to their service.This kind of flexibility will require them to develop a hybrid approach(combining pub

79、lic cloud with on-premises infrastructure)or a multi-cloud approach.If the exit strategy requires applications to be brought on premises,the users infrastructure must have sufficient capacity to support this.Otherwise,the customer must have a working relationship with multiple cloud service provider

80、s.Switching applications from one cloud to another is not a simple task and involves additional operational complexity.Euroclear,a central securities depository,has been working with its main regulator,the National Bank of Belgium,to develop a cloud policy.Mikolajczak said:We built and are strengthe

81、ning our cloud policy in a close collaboration with the regulator.Developing an exit strategy for if a cloud provider is at continuity risk was among their main concerns.In the long term,with a multi-cloud approach,we might be able to move between clouds.In the short term,we will work on an applicat

82、ion-by-application basis.Some would likely be ported to other clouds,while some would be brought on premises as part of our hybrid approach.So,while cloud offers a valuable solution for efficiently storing data in a resilient fashion,central banks and other institutions will most likely maintain on-

83、premises infrastructure,if only as a fall-back in case of a cloud provider becoming compromised.THE MARKETPLACE FOR DATA TECHNOLOGY PROFESSIONALS IS EXTREMELY HOT AND PUBLIC INSTITUTIONS OFTEN FIND IT DIFFICULT TO COMPETE WITH THE SALARIES AND FLEXIBLE WORKING ARRANGEMENTS OFFERED BY THE PRIVATE SEC

84、TOR.CLOUD SERVICES ALLOW MUCH OF THIS RESPONSIBILITY TO BE OUTSOURCED.OMFIF CENTRAL BANKING AND CLOUD SERVICES:THE NEW FRONTIER 10 OMFIF.ORG/DMI11CHAPTER 2Adopting the cloud comes with challenges and creates security risks,which are deterring some institutions from fully making the transition.RISKS

85、AND TRADE-OFFSLUXEMBOURG SIGNED AN AGREEMENT WITH ESTONIA,GRANTING THE DATA ESTONIA STORES IN DATA CENTRES IN LUXEMBOURG THE SAME LEVEL OF INVIOLABILITY AND IMMUNITY AS PHYSICAL EMBASSY BUILDINGS.CybersecurityTHERE is a trade-off inherent in the decision to move to the public cloud.Banca dItalias Br

86、uno explained:From one standpoint,the cybersecurity infrastructure by major cloud providers is even more secure and reliable than what you find inside central banks.However,the exposure they face is so much higher than on-premises infrastructure.Nevertheless,the consensus among interviewees was that

87、 major providers of global scale are all able to provide extremely good cybersecurity.Mikolajczak from Euroclear said:In certain aspects,cloud can provide even better security partly because the speed of innovation among cloud providers is greater than we can timely manage.He added that,even though

88、Euroclears critical systems are managed on premises,some of its cybersecurity features come from its cloud provider.Cloud providers have a number of advantages in the cybersecurity arena.First,the ability to provide top-quality hardware and software quickly means that they are not relying on dated a

89、nd potentially vulnerable equipment.Second,their economies of scale mean that they can provide 24/7 threat monitoring and response services that many customers will struggle to match.Third,while their infrastructures are more exposed to threat,the ability to share information globally means that the

90、y are often better prepared against new threats than on-premises security infrastructures.It is worth acknowledging that cloud providers are not all equal in their ability to offer protection from cyberthreat.The major providers have very impressive capacity to deal with a variety of cyberthreats,sa

91、id Malaika from SAMA.The mature cloud providers are significantly ahead of smaller,newer,local competitors.Often,analysis of those shows vulnerabilities.Thomas at Commerzbank agreed:The deep dives into the security solutions of some providers may reveal serious deficiencies.However,even having selec

92、ted a cloud provider with a sterling reputation for robust cybersecurity,the implementation is not straightforward.The truth is that,even having selected a provider with great cybersecurity infrastructure,security is an end-to-end consideration.If the customer has weak development or change manageme

93、nt processes,it is possible to exacerbate risks,Thomas said.12OMFIF CENTRAL BANKING AND CLOUD SERVICES:THE NEW FRONTIER To ensure that central banks have access to the best cybersecurity and threat response systems available,it seems they must be able to use global cloud services providers.However,a

94、 rigorous,security-focused change management service will need to be in place to ensure that cloud migration delivers security benefits.Data sovereigntyPerhaps the most uniformly held opinion on cloud in central banking IT departments is that migrating to cloud poses a major risk to their ability to

95、 keep data private.Although some are coming around to the idea that properly designed cloud architecture can provide adequate cybersecurity,this is no defence against the possibility of a foreign country simply asking the cloud services provider to reveal its customers data.They are right to be conc

96、erned,said Malaika,who focuses on cybersecurity at SAMA.Ive had many conversations with cloud providers,where they admit that,if they are asked to reveal customer data hosted in their cloud,by law,they will have to comply and they will not necessarily inform their customers that they have done so.Ot

97、hers believe that this concern is overblown.Thomas said that,although technically accurate,the concern was misplaced.I see the risk of US security services taking data from data centres is overrated.If they need data from banks to fight financial crime,for example,they dont order the cloud provider

98、to release it.They are more likely to ask for legal aid and contact the relevant authorities or us directly.To me,the threat of ordered release is unlikely to happen.If central banks are to become comfortable with public cloud infrastructure,addressing this concern is paramount.Mitigating the sovere

99、ignty riskThe first means of addressing this issue of data sovereignty is to ensure that the central bank data remains on servers based in the banks country.This can happen in a number of ways.First,banks can use a locally based cloud provider.This can be an attractive option for state actors becaus

100、e,as well as keeping their data in country,it allows them to support a local business.However,both Malaika and Thomas agreed that going with a smaller cloud service providers may mean making compromises on cybersecurity and services.Thomas pointed out that,if central banks are forced to compromise o

101、n securing data against ordered release by the US government or cyberattack by actors in Russia,China or North Korea,the latter is an obviously more damaging risk.Local providers may not be able to offer the full range of sophisticated services that large cloud providers can.Major cloud providers ca

102、n offer a software layer built within a local providers data infrastructure,ensuring customers have access to their services.This satellite approach addresses some deficits but the hardware layer is owned and operated by a local provider,which can create vulnerabilities.Cloud providers can also offe

103、r legal assurances that their customer data will remain in country(or within the EU,which is a common requirement for European customers).However,as this kind of requirement becomes more widespread,it will be challenging for cloud providers to maintain the same security level and the resilience of t

104、heir services.One of the challenges is that regulators and customers do not always engage with the question with the appropriate degree of nuance.This can result in them not distinguishing between the data customers wish to store in the cloud and metadata about the customers usage.While some of this

105、 metadata might be sensitive and should be protected,some of it is likely to be innocuous but nevertheless important for cloud providers to be able to send across borders for the purpose of maintaining the security of their infrastructure.The increased demand for data localisation means that the eco

106、nomies of scale where a cloud provider can use one data centre to serve many customers are degraded.The need to run and maintain more data centres can reduce the resources available for each and the ability to share knowledge,particularly around cyberthreats,between them.Maintaining the infrastructu

107、re to transfer data between countries is requiring ever more intricate procedures.Keeping up with these local regulations results in more complex technical systems and risks introducing vulnerabilities.Data embassies might provide one means of doing this.Luxembourg signed an agreement with Estonia g

108、ranting the information Estonia stores in data centres in Luxembourg the same level of inviolability and immunity as physical embassy buildings.This kind of measure is particularly important for small countries that might struggle THE MAJOR PROVIDERS HAVE VERY IMPRESSIVE CAPACITY TO DEAL WITH A VARI

109、ETY OF CYBERTHREATS.THE MATURE CLOUD PROVIDERS ARE SIGNIFICANTLY AHEAD OF SMALLER,NEWER,LOCAL COMPETITORS.OFTEN,ANALYSIS OF THOSE SHOWS VULNERABILITIES.Majid Malaika,Chief Adviser to the Vice Governor,Saudi Arabia Monetary Authority OMFIF.ORG/DMI13THE MATURE CLOUD PROVIDERS ARE SIGNIFICANTLY AHEAD O

110、F SMALLER,NEWER,LOCAL COMPETITORS.OFTEN,ANALYSIS OF THOSE SHOWS VULNERABILITIES.Majid Malaika,Chief Adviser to the Vice Governor,Saudi Arabia Monetary Authorityto establish disaster recovery data centres that are sufficiently remote to ensure they will not be affected by natural disasters.There are

111、increasingly popular legal means of ensuring that,at least in the event of data being requested by a foreign government,a cloud provider will inform the client.It may even be possible for central banks,particularly if operating as a collective bloc(like the Eurosystem 27)might be able to negotiate s

112、tronger legal guarantees of their data sovereignty.However,some in the central banking community said that assurances and guarantees that data will be kept sovereign would not necessarily be sufficient to allay all of their concerns.For us,we would want to see operational assurances,not just legal o

113、nes,said a central bank official who preferred to remain anonymous.Unless we can be confident that the cloud provider cannot expose our data even if ordered to do so,then we will not be comfortable placing it in a cloud data centre where the owner is headquartered in the US.This kind of technical as

114、surance is possible.Cloud providers can offer encryption services,meaning that they store only encrypted data.Of course,if the cloud provider has access to the key,they can be ordered to decrypt it.It is possible,however,to design a system where the cloud provider does not have access to the decrypt

115、ion key.We have implemented these kinds of solutions in the past,but it requires a long and thorough architecture process and will likely result in losing desirable features provided by the cloud service/provider,said Malaika.However,as these demands are becoming more common,cloud providers are deve

116、loping these systems to make them easier for customers to use,allowing them to technically demonstrate to regulators that they have full control over their data and the cloud provider does not.BNP Paribas relies on this type of keep your own key solution for its use of public cloud infrastructure.Th

117、is kind of solution,though attractive from the perspective of ensuring data sovereignty,does come with a cost.It is much more difficult and complex to run searches and indexing on encrypted data.Much of the analysis central banks might wish to run on their data,particularly involving AI,will be extr

118、emely difficult to conduct on encrypted data stored in the cloud.It would require the central bank either to decrypt the data within the cloud,or to replicate the cloud environment in on-premises architecture.And if the analysis needs to be conducted on premises,then the central bank may see less va

119、lue in migrating to the cloud in the first place.Looking aheadThe benefits of cloud migration are already well understood in private financial sector institutions.If properly implemented,a hybrid cloud architecture can deliver efficiency savings and improvements to security relative to on-premises a

120、rchitecture.Digital technology is becoming more sophisticated at an incredibly rapid pace.Central banks are expected to be on the cutting edge of economic forecasting,using the most sophisticated data analysis techniques.Increasingly,these require AI and machine learning,for which the computational

121、demands are enormous.Quickly training these models is achieved most efficiently in the cloud.Central banks must be able to avail themselves of the best technology available.Because of the procurement lifecycle,on-premises architecture is dated for much of its lifespan.Only economies of scale enable

122、cloud providers to keep pace.Consensus is building that,despite the additional exposure entailed by multi-tenant infrastructure,the best cloud providers can offer an improvement on security relative to on-premises architecture.Even in central banks,this conclusion is starting to be acknowledged.Howe

123、ver,central banks and regulators remain uncertain about global cloud services providers.The availability of technical solutions to ensure sovereignty is not yet widely known or deployed in the central banking community.The thrust of privacy regulation is to restrict either the geographic location of

124、 data centres,or to restrict the use of cloud service providers based on the location of their headquarters.These approaches risk both pushing users towards inferior local cloud providers and degrading the efficiency of global providers by impairing their ability to share data and serve customers fr

125、om multiple locations with a single data centre.Challenges remain regulatory complexity,particularly around data privacy,is likely to continue to slow adoption.However,commercial banks,operating under many of the same restrictions,have managed to advance substantially further in their cloud migratio

126、ns than central banks.It is to be hoped that,as understanding grows in the public sector around both the benefits cloud offers and the means of mitigating their outstanding concerns,the path to broader adoption can be smoothed.OMFIF CENTRAL BANKING AND CLOUD SERVICES:THE NEW FRONTIER 14FURTHER READI

127、NGIBM,Principles of a Trustworthy Cloud,May 2023IBM,IBM Cloud Framework for Financial Services,September 2020Futurum,Confidential Computing:The Future of Data Security and Digital Trust,October 2021 IBM,Clouds next leap,October 2021 IBM,Mastering hybrid cloud,June 2022 IBM,The deep cloud alternative

128、,August 2022 IBM,A comparative look at enterprise cloud strategy,September 2022 IDC,Gaining Insights at Scale with HPC Managed Solutions,October 2022IBM,Unlocking innovation and business value for your financial institution,January 2023IBM,The Next Frontier in Security:Confidential Computing IBM,Con

129、fidential computing for total privacy assuranceAmerican Bankers Association,Cloud Computing in the US Banking Industry,June 2021Association for Financial Markets in Europe,Regulatory complexity is making it harder for financial institutions to adopt cloud services,December 2022BSA,Korea:BSA Submissi

130、on on Proposed Amendments to Cloud Security Assurance Programme,January 2023Estonian Embassy to Luxembourg,Factsheet:Data EmbassyEurostat,Cloud computing statistics on the use by enterprises,2020-2021International Data Corporation,Banking Cloud Trends in Asia/Pacific,2022KPMG,Third party and cloud:R

131、egulatory challenges,2022US Treasury,The Financial Services Sectors Adoption of Cloud Services,February 2023 OMFIF.ORG/DMI15 2023 OMFIF Limited.All rights reserved.Strictly no photocopying is permitted.It is illegal to reproduce,store in a central retrieval system or transmit,electronically or other

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133、or not acting as a result of any content in this publication.On any specific matter reference should be made to an appropriate adviser.Company Number:7032533.ISSN:2398-4236Official Monetary and Financial Institutions Forum 181 Queen Victoria St,London,EC4V 4EG.United Kingdom T:+44(0)20 700 27610 enq

134、uiriesomfif.org omfif.org/dmiABOUT OMFIFWith a presence in London,Washington and New York,OMFIF is an independent forum for central banking,economic policy and public investment a neutral platform for best practice in worldwide public-private sector exchanges.SPONSORED BYACKNOWLEDGMENTSOMFIF thanks

135、officials from the co-operating countries and cities for this publication,which will be joining us in launch partnerships around the world.We are grateful to many other associates and colleagues for their assistance and guidance.AUTHORLewis McLellan Editor,Digital Monetary InstituteEDITORIAL AND PRO

136、DUCTIONSimon HadleyDirector,ProductionWilliam Coningsby-BrownProduction ManagerSarah MoloneyChief SubeditorCOMMERCIALFolusho OlutosinCommercial Director,Digital Monetary InstituteDigital MonetaryInstituteIBM Cloud for Financial Services is designed to build trust and enable a transparent public clou

137、d ecosystem with the features for security,compliance and resiliency that financial institutions require.Financial institutions can confidently host their mission-critical applications in the cloud and transact quickly and efficiently.With a large partner ecosystem of independent software vendors,so

138、ftware as a service and fintech partners,IBM Cloud for Financial Services offers a new generation of cloud for the enterprise.Financial institutions can now deploy on public cloud to enable innovation and deliver new outstanding customer experiences,while managing stringent industry regulations for sensitive data and complex workloads.Digital MonetaryInstitute