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Financial Services Law Insights and Observations

NIST Publishes Cloud Computing Guidance

NIST Privacy/Cyber Risk & Data Security

Fintech

Recently, the National Institute of Standards and Technology (NIST) published a document entitled Cloud Computing Synopsis and Recommendations, which (i) reprises NIST’s definition of cloud computing, (ii) describes cloud computing benefits and open issues, (iii) presents an overview of the major classes of cloud technology, and (iv) provides guidance for organizations assessing cloud computing risks and opportunities. The NIST publication presents a range of factors to be considered as part of the overall business decision to employ cloud technology, including security issues related to data confidentiality and integrity. Although developed for use by federal agencies, the NIST report may influence policy decisions and may be a useful resource for private firms seeking to understand the benefits and risks of cloud technology.