Secure Cloud Adoption Framework for Financial Services

This document is a technical report that outlines a comprehensive framework for secure cloud adoption specifically tailored for the financial services sector in the Middle East. It discusses the strategic importance of regulating cloud technologies, emphasizing the role of national regulators in fostering a secure and compliant cloud ecosystem. The report highlights current trends in cloud adoption, detailing the opportunities and challenges faced by stakeholders, including data residency and sovereignty considerations. It presents key building blocks of a secure cloud adoption framework, focusing on governance, security measures, and compliance monitoring. The report also addresses significant security challenges such as data breaches and insider threats, advocating for a security-by-design approach. Furthermore, it emphasizes the need for a well-structured regulatory framework that aligns with international models while catering to the unique needs of the region. By leveraging this framework, regulators can guide financial institutions in minimizing risks and fostering innovation in their cloud adoption journeys.