Cloud Computing Adoption in the Financial Services Industry
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1 Cloud Computing Adoption in the Financial Services Industry James Cotter Lawrence Brown 07 and 08 October 2015
2 Agenda Recap on what cloud services are Differences between cloud services and more traditional IT solutions and relative advantages and disadvantages Inhibitors to adoption What s changed? State of play regarding key issues and challenges Where does cloud go from here? 1 / B_LIVE_EMEA1: v1
3 Introductions James Cotter Partner T: E: Lawrence Brown Managing Associate T: E: 2 / B_LIVE_EMEA1: v1
4 Recap on what cloud services are The common question what are they? Supplier provides an externally-hosted IT service to a customer, delivered by way of an internet connection (public internet or WAN/LAN/VPN) public clouds (heavily standardised/commoditised) private clouds (bespoke) hybrids (some shared infrastructure and therefore some standardisation) What services are provided via a cloud? Software as a Service ( SaaS ) (for example Microsoft s Office 365) Platform (for example VM Ware s CloudFoundry) Infrastructure ( IaaS ) (for example Amazon Elastic Compute Cloud) 3 / B_LIVE_EMEA1: v1
5 Comparison with traditional IT solutions pros Flexibility Likely to be more scalable to fit changing needs Operational resilience Many operators will run large and diverse hardware estates, which in more commoditised arrangements allows for built-in resilience in certain aspects of the system Operational advantages Operation and maintenance of hardware (and software in a SaaS solution) is outsourced to an experienced supplier rather than being retained in-house Upgrades and new functionality delivered without interruption In many cases should remain state of the art rather than being a static solution Cost advantages Positive effect on capex both in respect of implementation and future requirements Sharing of infrastructure and operations amongst customer base brings cost efficiencies which should filter down to customers Pay as you use model (where relevant) is more efficient - reduction of in-house IT teams reduces internal operational costs 4 / B_LIVE_EMEA1: v1
6 Comparison with traditional IT solutions cons Loss of control Inability to touch and feel the hardware and software represents a change from business norms in many cases cultural shift required In personal data-heavy or business critical cloud systems, this can be operationally risky Commitments to, and actual practical implementation of, adequate IT security controls is fundamental Reliance on connectivity Cloud services, by their nature, are only as good as the connection between customer and the service Large cloud systems such as Office 365 require significant volumes of dedicated bandwidth 5 / B_LIVE_EMEA1: v1
7 Inhibitors to adoption Imbalance of contractual power Customers continue to be forced by large cloud supplier to accept standard form non-negotiable contracts which are inadequate However, data protection and financial services regulators will take the view that cloud supplier inflexibility on contract terms will not exonerate the customer from its regulatory obligations Increasing regulation places greater requirements on customers to retain control of outsourced services: Data Protection Regulation Financial Services Regulation: SYSC 8 FCA Dear CEO letter to asset managers on outsourcing (December 2012), and subsequent visits 6 / B_LIVE_EMEA1: v1
8 What s changed? (1) Evidence of customer and supplier sides edging closer to each other, supported by increased sophistication on both sides and on the part of UK and other regulators (including an increase in guidance) Regulators: FCA Guidance, July 2014: Considerations for firms thinking of using third party technology (off-the-shelf) banking solutions : Cloud services may be subject to SYSC 8 IT must be effective, resilient and secure Due diligence and ongoing oversight are key Questionnaire ICO: Guidance on the use of Cloud Computing (including checklist) A non-uk example: Asia Regulatory Guidance on Outsourcing 7 / B_LIVE_EMEA1: v1
9 What s changed? (2) First mover benefits for customers and suppliers alike resulting in a will to get the deal done Some suppliers acknowledge the need for compliance with general and sector specific laws. For example: Microsoft EU approved Data Transfer Agreement Use of regional data centres Provision of increased information on business continuity planning BUT: many don t need to be so flexible or are slow to engage 8 / B_LIVE_EMEA1: v1
10 State of play regarding key issues and challenges Services Descriptions and Scope of Responsibility Data Service Performance Audit Exit Liability and Indemnities 9 / B_LIVE_EMEA1: v1
11 Services Descriptions and Scope of Responsibility Suppliers often present cloud offerings without clarity on precisely what they are selling Customers are keen to understand both the functionality and underlying infrastructure that that they are buying and therefore the resilience, quality, capacity, limitations etc 10 / B_LIVE_EMEA1: v1
12 Data Which laws apply? (Note variances in local laws where entities/groups operate) What data will the service be storing and processing? Personal Data and/or other important data? Data security What assurances does the customer have on data processing controls and standards of security maintained by the supplier? Is data physically and logically separated from other customers data? Supplier s certification to international industry standards Data location outside customer s home territory Customer and regulator audit rights Is data derived from customer data for analytical purposes by the Supplier? What are the supplier s processes regarding data retention and deletion of data? 11 / B_LIVE_EMEA1: v1
13 Audit Customers will want audit rights and rights to receive reports regarding service performance Common discussion areas include: Scope of access granted (a billing audit vs security/service performance audit) Notice periods Suppliers will want to prevent interruption to everyday business and other customers, include frequency and other restrictions on rights of audit and will need to build in the cost of reporting to the cost of the service 12 / B_LIVE_EMEA1: v1
14 Exit Depending on precise nature of deal, may not be as involved as in an outsourcing transaction Common features include: Handover period suppliers are typically happy to offer this so long as they are being paid for their services and the period is not indefinite Data return/cleansing Co-operation with replacement supplier Escrow/other solutions to ensure continuity of service? 13 / B_LIVE_EMEA1: v1
15 Liability and Indemnities Revenue generated v criticality of the service to the customer Financial cap as a multiple of monthly/annual recurring charges or fixed amount The supplier will be keen to distance itself from the reliance placed on the services by the customer s business (e.g. in certain circumstances, liability for loss of data to be excluded entirely) the FedEx argument Customers will want the supplier to indemnify it in respect of data protection breaches, loss of or damage to customer data and third party IPR claims Are service credits for service level failures, a sole and exclusive remedy? 14 / B_LIVE_EMEA1: v1
16 Where does cloud go from here? Increasing take-up is undoubted, but challenges remain for AM&IF and FI clients (and for cloud suppliers) Increased level of regulatory guidance means there is more certainty as to what regulators expect and a mandate for regulated AM&IF and FI sector clients to push for related protections in cloud services deals Some IT needs are simply too bespoke or too business critical to be outsourced to the (commoditised part of the) cloud International surveys may be needed to ensure legal and regulatory compliance 15 / B_LIVE_EMEA1: v1
17 16 / B_LIVE_EMEA1: v1
18 simmons-simmons.com elexica.com This document is for general guidance only. It does not contain definitive advice. SIMMONS & SIMMONS and S&S are registered trade marks of Simmons & Simmons LLP. Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name Simmons & Simmons or one or more of those practices as the context requires. The word partner refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP s affiliated practices. For further information on the international entities and practices, refer to simmonssimmons.com/legalresp. Simmons & Simmons LLP is a limited liability partnership registered in England & Wales with number OC and with its registered office at CityPoint, One Ropemaker Street, London EC2Y 9SS. It is authorised and regulated by the Solicitors Regulation Authority. A list of members and other partners together with their professional qualifications is available for inspection at the above address. 17 / B_LIVE_EMEA1: v1
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