We are setting requirements for compliant use of public cloud technology.
Our Position Paper
The Position Paper covers requirements for achieving standardisation of compliant and safe use of public cloud technology in regulated European financial institutions. It addresses major topics ranging from Privacy, Security, Governance & Regulation, Standard Contractual Clauses to Portability, Resilience & Exit Strategy. The paper also includes a review and summary of the European Commission´s proposed Digital Operational Resilience Act (DORA).
Through our conversations with Cloud Service Providers and European authorities we have added new requirements on Portability, Resilience and Exit Strategy as well as more detailed requirements on Privacy and expansion on topic Security.
The Position Paper is a living document, and subject to regular updates.
The newest Version of the ECUC Position Paper 2.0 is now published!
Cloud Computing is a key technology.
Public cloud solutions are becoming increasingly important due to their flexibility and scalability, as well as the high security standards. However, for compliant public cloud adaption the specific European standards must be met. By defining uniform requirements, ECUC wants to maintain these high standards and achieve them in a more effective manner.
On demand infrastructure
Public cloud technology does not require users to invest in computing capacity or data center infrastructure. It provides “on demand” infrastructure and service solutions on a pay-per-use basis. Capex investments are replaced by opex expenses.
Financial institutions moving to the cloud
Digitalization requires up-to-date technology, and nowadays quicker than a decade ago. Outsourcing new or existing processes and applications into public cloud converts capital expenditure into operation expenses. This provides financial institutions the opportunity to focus on use case implementation thereby creating business value.
Cloud fosters business value
Agility is not only an organizational form but must be achieved through scalability, cost effectiveness through pre-built functionality, while at the same time providing high quality standards including cyber resilience.
The challenge for European financial institutions
All cloud activities must be compliant with European standards and regulations. Currently each company using cloud services needs to find its own answers.
The solution: European Cloud User Coalition
Instead of leaving each company to solve these challenges on their own, the European Cloud User Coalition (ECUC) brings financial institutes together, thus strengthens the European market, enables a more effective public cloud adoption in Europe and increases transparency for regulators and supervisors.
Are you interested in becoming a member of the European Cloud User Coalition? Contact us and we will schedule a meeting to answer your questions and discuss further steps.