Running head: EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA

Expansion to the Cloud: Going Green and Securing Data John A. Doe Bank of America

EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA Table of Contents I. II. III. IV. V. VI. VII.

Executive Summary .......3 Introduction.....4 What is Cloud Technology? ...................5 Solution...6 Advantages 7 Conclusion .9 References 10

EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA

Executive Summary
Imagine massive server failures that not only lead to complete data loss, but also a financial crisis for customers. This is the problem that Lloyds Banking Group faced when servers failed and left thousands of customers without access to their accounts according to Clarke (2014). In order to protect firm data, firm reputation, and especially customer trust and loyalty, Bank of America needs to assure proper precautions are taken to securely store all data. According to Francis (2014), many companies throughout the world are taking preemptive measures to back up data. However, many companies are still losing the very data in which they set out to protect. The main reason for this loss of data is that companies are not using the most efficient and greener mode of managing big internal data: cloud technology. Through the use of cloud computing, firms are able to automatically backup data, continually lease services and easily access business systems from anywhere, at any time and from any device. Fortunately, with encrypted protocol cryptography, the fear of security and privacy is minimal. By utilizing green IT services, such as cloud technology, companies can embrace a green environment and improve business systems. These goals can be obtained with minimal capital outlay while receiving a return on investment for both the firm and individual employees.

EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA

Introduction
RBC Royal Bank transferred from paper statements to electronic statements and stated this shift saved the company approximately 800 metric tons of paper. This amounted to over 22,000 trees. By utilizing green technologies, companies are able to reduce energy consumption and carbon emissions. Through the use of cloud technology, such as that used by RBC Royal Bank, Bank of America will be able to increase environmental sustainability while maintaining data integrity.

According to Wells Fargo, 85% of identity theft cases begin with stolen paper statements, bills and checks. Bank of America needs to find a solution in order to overcome scenarios like this that place both customer and firm data in jeopardy. The Wall Street Journal (2014) stated that data loss remains a top challenge for IT Professionals. Data loss occurs through six main avenues as depicted in Figure 1 by Smith. According to this figure, hardware failures and hardware destruction account for 43% of data loss. However, implementing cloud technology allows for such obstacles to be overcome.

EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA

What is Cloud Technology?

Advancements in Web technology and the development of Internet accessible mobile devices have resulted in the big data generation and its huge storage requirement. Cloud storage has emerged as a miracle that I dont need a hard disk in my computer if I can get to the server faster carrying around these nonconnected computers is byzantine by comparison. - Steve Jobs, late chairman of Apple (1997) meets all big data demands. Traditionally Databases were designed and maintained on large hardware, but faced challenges in performance. In order to overcome such issues in performance, many companies began to turn to cloud technology. Cloud technology is the method of mass data storage on virtualized machines hosted by a third party. Third party hosting companies are designed to handle large data, work in the background and also analyze customers requirements to provide necessary resources in the form of storage space. Providers can be visualized as a vendors with a large hard disk allowing other companies to use a single slice of the hard disk. This technology is simply a shared pool of computer resources. Cloud computing helps data be universal. Data stored in the cloud can be accessed, modified and stored from anywhere in the world, with the only requirement being the internet. Cloud technology allows for unprecedented mobility, safe backup, and easy file sharing when used to its full potential. As cloud technology continues to grow, so too does the number of cloud storage providers. The most well -known providers include Drop box, Google Drive, Sky Drive, and Microsoft Azure Blob Storage.

EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA

Solution
Cloud computing offers a solution for Bank of America to securely store data while also shifting to a green initiative. While there are multiple options available in cloud technology providers, I recommend Bank of America implement use of Microsoft Azure Blob Storage. According to Babcock, Microsoft Azure ranked as a top cloud technology. Windows Azure Blob Storage provides a wide range of features to customers including object based storage, SQL Server and content delivery network. As stated by Microsoft, 54% of Fortune 500 enterprises currently use Azure as it is a state of the art cloud technology for modern businesses. This technology helps customers become more efficient, save money and integrate applications and data on site. Windows Azure Blob Storage specified features provided to customers including: 1. Infrastructure service a. Provides Windows and Linux virtual machines and application b. Easy storage backup and recovery c. Ability to run large parallel and batch computing job 2. Develop Modern Applications a. Build model applications b. Develop secure business applications c. Safely connect to web services and databases 3. Insights from Data a. Leverages full power of SQL Server b. Data mining to learn customer behavior c. Data analysis for possible patterns 4. Identity and Access Management a. Synchronize on premises identities b. Secure access with multifactor authentication c. Enable single sign on access

EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA

Features such as those listed above will enable Bank of America to confidently store data through cloud technology with an established and reputable provider. According to Microsoft, companies such as Toyota, BMW, Milliman and Skype have all successfully integrated their systems with cloud technology through the use of Microsoft Azure Blob Storage.

Advantages
Employee Accessibility Securely storing your files in the cloud gives you the ability to access your files at any time, from any location, using any device. - Tom Cochran (2013) It is imperative that employees have all necessary tools to complete their work to the best of their ability. One of the most important tools is the ability to not only access personal files, but also access up to date data, documents and resources shared throughout the firm. Cloud computing allows for employees both in the office and outside to access all necessary documents through a shared system. Cochran (2013), states that storing files within the cloud allows for users to access any saved files at any time no matter their location. Cloud computing increases the ability of employees to collaborate by using shared files. Thus, employees are able to spend less time focusing on file sharing and more on the client. Budgetary Considerations As with any technological undertaking there are unavoidable costs. However, storage and usage fees are greatly outweighed by funds that will be saved in the future. According to McKendrick (2013), statistics regularly show that up to 80% of IT budgets are tied up in routine maintenance. By implementing cloud computing, vital funds are returned

EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA

to the firm and the IT department is able to focus on new initiatives rather than solely maintaining internal servers. Companies are also able to Statistics regularly show that up to 80% of IT budgets are tied up in routine maintenance. - McKendrick (2013) mitigate monetary risk by implementing technologies from an outside provider. Cochran (2013), stated that as technology evolves at such a rapid rate, what is budgeted for in the present may be outdated or even obsolete in the near future. Cloud computing saves precious resources, time and money. Security Assurance of Firm Data Preparation is critical to assure data loss within the firm does not occur. In order to accomplish this task, backups of all data is necessary on a regular basis. However even if every conceivable way of losing data is accounted for, black swans are always a clear and present danger to all data. Cloud computing provides a solution for mitigating the unknown risks of losing files by storing a constant backup of all firm files. While cloud computing providers offer personalized measures of security, there are also several companies such as McAffee and Safenet available for additional protection. According to Wiedermann (2014), many cloud providers are increasing security measures and specifically encryption on data as it is in transit. Many cloud systems also use customer controlled keys. Without specific encryption keys, data is inaccessible and unreadable. This security feature allows each company within the cloud to keep control over their own private data.

EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA

Conclusion
By utilizing Microsoft Azure Blob Storage, Bank of America will be able to securely store data, ensure customer loyalty and move towards a green initiative. Bank of America will make a future trend of cloud technology in financial services. This analysis demonstrates that by implementing Microsoft Azure Blob Storage, Bank of America can manage infrastructure, internal big data and financial systems more efficiently and accurately. Cloud technology is expanding rapidly and throughout vast industries. Companies simply cannot afford to ignore this phenomenon or they will be left behind. Many companies within the financial sector face high costs for technology specifically with hardware that is under-utilized and outdated. Bank of America is on a journey to secure data and move towards environmentally friendly options. The destination of this journey is expansion into the cloud. Therefore, I recommend that Bank of America implement use of Microsoft Azure Blob Storage by August 31, 2014, given the internal approval process period. Regards,

John Doe Business Intelligence Manager johndoe@boa.com

EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA

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References
Babcock, C. (2011). Microsoft Azure Named Top Cloud Performer. Information Week. Retrieved From http://www.informationweek.com/cloud/infrastructure-as-a-service/microsoftazure-named-top-cloud-performer/d/d-id/1100618?. Clarke, G. (2014). Lloyds Group probes server crash behind ATM, cash card outage. The Register. Retrieved from http://www.theregister.co.uk/2014/01/27/lloyds_atm_cash_ card_crash/. Cochran, T. (2013). Why Moving to the Cloud Should Be Part of Your Business Plan. Entrepreneur. Retrieved from http://www.entrepreneur.com/article/228202. Francis, H. (2014). Business losing data even with back -up measures in place. Retrieved from http://www.theaustralian.com.au/business/latest/businesses-losing-data-even-with-backup-measures-in-place/story-e6frg90f-1226867361933. McKendrick, J. (2013). 5 Benefits of Cloud Computing You Arent Likely to See in a Sales Brochure. Forbes. Retrieved from http://www.forbes.com/sites/joemckendrick/2013/07/ 21/5-benefits-of-cloud-computing-you-arent-likely-to-see-in-a-sales-brochure/. PRC Royal Bank. (2014): Reducing your paper waste. Retrieved from http://www.rbcroyalbank. com/commercial/advice/greening-your-business/reducing-your-paper-waste.html. Smith, D. M. (2003). The Cost of Lost Data: The importance of investing in that ounce of prevention. Graziadio Business Review, 6, 3. Retrieved from http://gbr.pepperdine.edu/ 2010/08/the-cost-of-lost-data/. Survey: Data Loss and Privacy Breaches Remain Top Challenges in 2014 for IT Professionals. The Wall Street Journal. Retrieved from http://online.wsj.com/article/PR -CO-20140116908465. html.

EXPANSION TO THE CLOUD: GOING GREEN AND SECURING DATA Wells Fargo. (2014). Online Statements. Retrieved from https://www.wellsfargo.com/online banking/statements/. Wiedermann, A. (2014). Encryption Key Management-The Missing Link. Vaultive. Retrieved from http://www.vaultive.com/encryption -key-management-missing-link/.

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Windows Azure. (2014). Microsoft Windows. Retrieved from http://www.windowsazure.com/enus/solutions/.