FINANCIAL REGULATORS VIEW PUBLIC CLOUD AS OUTSOURCING Introduction In the not-too-distant past, financial institutions (FIs) were extremely wary and skeptical of the public cloud, citing concerns about data privacy, security, data residency, and loss of control over the data. On the heels of these concerns were questions over the financial regulatory perception of public cloud and additional measures needed to demonstrate compliance. This uncertainty slowed the adoption of public cloud in the financial services industry for many years while less conservative, less regulated industries embraced it wholeheartedly. Recently, FIs have finally warmed up to the public cloud, but regulatory considerations remain. Jumping on the Bandwagon In the aftermath of the financial crisis of 2008

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