Financial companies are increasingly turning to the hybrid cloud
New research has revealed that there will be a major shift in hybrid cloud adoption among financial services companies.
While there has been consistent annual growth in the adoption of hybrid multi-cloud deployments, Nutanix’s findings predict a three-fold increase in adoption over the next three years, providing a preview of the future landscape of the financial services industry.
The study claims that data security, ransomware protection, implementing AI strategies and minimizing costs are among the key contributors to the coming growth in hybrid cloud adoption.
Hybrid cloud adoption
Alarmingly, nearly all respondents (99%) reported experiencing a ransomware attack in the past three years, with a significant majority (89%) recognizing the need for improvement in terms of beefing up their organizations’ protection.
“It is a sign of the times that adoption of hybrid multi-clouds will triple as financial services users prepare for increased cybersecurity risks as new regulatory requirements, such as the EU’s Digital Operational Resilience Act (DORA) of 2025, come into effect. and disaster recovery is a necessity for hybrid multiclouds,” said Lee Caswell, SVP Product & Solutions Marketing at Nutanix.
Looking ahead, Nutanix says financial services firms have not changed their priorities when assessing the suitability of cloud providers. Flexibility, security and data capabilities remain just as important as last year. The research also highlights the financial sector’s greater emphasis on sustainability and costs compared to other sectors.
Many financial firms cited data access performance, security and regulatory compliance as driving factors for moving applications to different infrastructures.
Looking ahead, despite stricter regulatory restrictions imposed on the sector, it is clear that even financial firms are looking to take advantage of the various cost, efficiency and sustainability benefits of hybrid cloud setups. Moreover, the cloud market, which is already worth $300 billion, is due for a healthy recovery.