The Luxembourg Financial Sector is facing many global challenges and thus has to embark on digital transformation. Implementing Cloud Solutions which provide agility and time to market advantage is a mandatory step, but the regulatory environment is sometimes seen as a barrier to adopting new technologies. That’s why, David Hagen – Head of IT Supervision & Supervision of Support PFS at CSSF, as the regulatory authority talked attendees through the latest compliance prerequisites when going to Cloud Computing & Outsourcing. After reminding “Cloud Circular” context evolution and risks mitigation, attendees were presented steps and process to be able to ensure data confidentiality and security while going to Cloud.
Additionally, Laurent de La Vaissière, representing ABBL’s Cloud Computing working group, unveiled the results of the “Cloud Adoption Survey” led among their members in 2019. Out of 42 respondents, 15% of Financial institutions in Luxembourg already made the leap to adopt Cloud Computing Solutions and 34% are in the process of adopting these, showing a current trend.