Cloud computing 'may change Wall St business plans'
- By Beth Sommer
- Published Thursday 2nd 2009
Beth Sommer
Beth Sommer is part of the LIGATT Security "Cyber Security Team." here daily duties including researching cyber threats and tracking hackers through Cyber Space.
Research carried out by the Securities Industry and Financial Markets Association and IBM found that the number of Wall Street information technology professionals predicting the platform will change their business practices rose from 21 per cent in 2008 to 46 per cent this year.
Ian Hurst, general manager of IBM's financial services sector, commented that with the kinds of challenges Wall Street firms face, a trend towards cloud computing is to be expected.
He added: "Wall Street firms cited limited IT staff/human capital, high implementation costs and business and IT disconnect as their main internal challenges. Cloud computing specifically addresses each of these with compelling economics, self-service and virtualisation."
Earlier this week, specialist recruitment company Hays Information Technology stated that virtualisation and cloud computing are pivotal strategies for any company looking to lower power consumption and maintenance costs in the current economic climate.
