Adoption of cloud services in central banks : hindering factors and the recommendations for way forward

Current research on cloud computing often focuses on the technology itself and the benefits that one company can use and choose from cloud services. Most of the research has focused on mainstream enterprises and limited regard to Central Banks' (CBs') Cloud Computing Adoption (CCA). CBs are continually exploring opportunities to enhance IT efficacy while minimizing expenditures and ensuring data protection and network security. This paper investigates the factors affecting the CBs' CCA by surveying 40 CBs representing approximately 25% of total CBs worldwide. The main participants were senior IT managers who are responsible for any IT decisions in CBs. The findings are also significant for other organizations or businesses where data privacy is crucial. The study results indicate that CBs are still reluctant to migrate to the public cloud. Influential factors preventing CCA are data protection, privacy, and risks.peer-reviewe

A Cloud Computing based Real Time Financial System

The “Cloud Computing” is becoming an increasingly popular term. The new “XaaS” category of services introduced will slowly replace many types of computational resources currently used. In this perspective, grid computing, the basic element for the large scale supply of cloud services, will play a fundamental role in defining how those services will be provided. This paper is concerned with the study and preliminary design of a real time financial system based on cloud computing technologies that enable macroeconomic analysis and forecasts of the financial markets and their instruments. Cloud and Grid paradigms can generate different added values which are examined in detail in the paper. This work utilises the results obtained during the Cybersar Project managed by the COSMOLAB Consortium (Italy). The system analyzed and described herein will be implemented in the Cybersar Computational Grid by autumn 2009