Joint statement on security in a cloud computing environment

The Federal Financial Institutions Examination Council members have announced they have issued a "Joint Statement on Security in a Cloud Computing Environment" in the financial services sector.. Security breaches involving cloud computing services highlight the importance of bank management's understanding of the shared responsibilities between cloud service providers and bank clients.

The statement—

• reminds management about the importance of understanding the division of responsibilities for implementing and managing controls over cloud computing operations that can result in operational failures or security breaches.
• highlights risk management practices and controls for the safe and sound use of cloud computing services.
• provides a list of government and industry resources and references to assist financial institutions using cloud computing services.