Cloud Computing In Financial Sector and Legal System

by Lilly on December 15, 2012

Banks, financial organizations and law firms deal with a highly sensitive data that needs to be secured. Their customers provide them with important information that should never be leaked to anyone. This is one of the fundamental characteristics of the modern banking system. Secured data exchange is vital for the financial sector as money trading procedures should remain confidential. Both financial and legal sectors are interested in building a credible system for their clients that would make them trustworthy and secure. How should customers access their finances and legal documents online in a secure and safe fashion? Cloud computing allows access law firms or banks communicate to their customers online and share their personal data in a safe way.

How does it work?

Cloud computing is gaining popularity among financial companies and legal firms. Banks and financial institutions could improve their transparency and establish their client relations services through the cloud technology. The customer provides her personal data to a bank in order to store it and keep it private. The bank in return stores this information on a safe server that is managed through a stable server connection. These services increase customer’s faith and reliability.

Downsides of cloud computing

Cloud computing is a very attractive option that financial institutions can offer to their customers. At the same time, there are certain risks attached to it. Some institutions are hesitant to delegate the management over their applications to third parties, and it is not surprising. Such kind of sensitive information should not be easily accessible; therefore, they pick only a reliable cloud services provider.

At the same time, various natural disasters or even a hacker attack can disrupt the work of the servers and software and put the company’s performance at risk. In case the cloud computing breaks, any business operations would be frozen. However, these issues could be solved through the back-up services. The cloud technology allows data moving freely, therefore, the control over it should be tight.

Is it applicable for a law firm?

Any legal firm accumulates a lot of data (personal client files, legal cases or financial records) that needs to be accessible and safely stored at the same time. Legal firms prefer using cloud computing due to the fact that it is stored on the remote server and not inside of the firm. This way the information would not be easily accessible and leaked. This policy also increases the company’s credibility and reliability.

It is even better when a law firm has an online service for its clients. A lot of people prefer using internet on their mobile devices to contact people; the same rule applies to lawyers and their clients. In this case information exchange between them should remain confidential as well. cloud computing can be used in both financial and legal sectors. This technology could help businesses build their customer’s faith and loyalty. It will help their businesses to grow and their clients to be satisfied and updated.



I'm Lilly Sheperd, an occasional guest-blogger and a full time freelance communication consultant. When not blogging, I like to travel and read a lot, especially about education and law.

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