"Two major factors have lead to the increase in cloud adoption in regulated industries," Rich Campagna, vice president of products and marketing at Bitglass, told eWEEK.
"Cloud apps have proven to be cost effective and reliable, while helping business become more agile.
At the same time, the industry has responded to compliance and security concerns with cloud data protection solutions through cloud access security brokers."
noted the increase in cloud adoption within finance, from 9.5 percent in 2014 to 37.5 percent in 2015, coincides with rapid adoption of third party cloud encryption tools that allow these organizations the flexibility of the public cloud, with the security of a private data center.
"The rapid increase in adoption within financial services was most surprising finding from the survey," Campagna
"The sector, subject to a great deal of regulation, has long resisted the move to public cloud apps in an effort to retain control over the infrastructure where their data is stored."
Health care has grown to 37 percent cloud adoption, up from only eight percent in 2014, but remains a laggard due in part to HIPAA compliance concerns.
"As sensitive financial and health information moves to the cloud in 2016, the valuable trove of data stored in these cloud apps is bound to become a target for hackers," Campagna