Application of Cloud Computing in Financial Industry from the Perspective of Globalization - Part 8

（3）Security of data and system

On the one hand, regulators put forward comprehensive security measures and policies, requiring financial institutions to maintain higher security standards in personal data to protect customers' privacy and confidentiality. On the other hand, some jurisdictions also put forward specific restrictions on how cloud service providers use and store data from financial institutions.

（4）Requirements of data storage

Some jurisdictions impose corresponding restrictions on the storage and processing of data transferred to cloud service providers in cross-border cloud outsourcing. Regulators found several problems that triggered requirements of data jurisdiction, including: (1) whether the security and flexibility standards within the jurisdiction of the cloud provider are satisfactory; (2) Whether the data outside the jurisdiction in which the financial institution is located will continue to be available to regulators in that jurisdiction; (3) Whether the privacy rules of the cloud provider's location adequately protect customers.