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Cloud opens up UK firms' data to CIA spies, warns Bank of England CIO

Matthew Finnegan | June 20, 2014
Customer data may be subject to Patriot Act

"I would encourage people to take existing services and virtualise. So we run our own internal cloud-type model, with highly virtualised storage arrays. This allows us to manage load and fail over, with hot redundancy between different sites."

Cloud costs
Despite his warnings, Finch said that he does see the potential of the public cloud.

"I may sound like a bit of a bit of a 'cloud denier'. I am not. I think can deliver really great value for many use cases where this kind of capability can be a great enabler," he said.

"Think about selling a new product to a new market. You no longer need to set up an office, someone can just go in with an iPad as long as they are connected to the cloud. You have got your CRM, your customers lists. This all-of-the-time connectivity can absolutely help."

Nevertheless, customers should not be swayed by claims that cloud will lead to cost savings. The main benefits are from a business transformation perspective.

"The vendors out there will tell you there is financial upside to all of this - you can change from capex to opex. My answer to that is: do not let how the bean counters count their beans determine critical IT strategy. Work out the best thing to do and then talk to the accountant," Finch said


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