The firm's recent global financial services industry security survey found that whilst financial sectors in Australia and Asia Pacific (APAC) lag those in the US, UK and Canada in terms of uptake of cloud computing, 50 per cent of participants reported that they had implemented or purchased cloud computing services.
"However 40 per cent of APAC and Australian participants still do not use cloud computing because of technology prematurity, security risks, and adoption capabilities of the organisation," Deloitte national IT security leader Tommy Viljoen said.
"Those organisations that have not accessed cloud because of the security risk, are now coming to the realisation that the benefits outweigh the risks," he said.
Mr Viljoen also noted that big banks were creating internal clouds, while smaller banks were now looking at shifting non-core functions to the cloud.
The survey also found that although one in three financial institutions in APAC and Australia experienced a privacy breach in the last year, the statistics were much higher in other regions.
"FSI organisations are more proactive in implementing innovative security measures, and creating greater awareness of information security within the business than in previous years," Mr Viljoen said.
"Most organisations are challenged with balancing the cost of information security initiatives with the risk of sophisticated threats and emerging technologies," he said.
In February, Decimal managing director Jan Kolbusz told InvestorDaily that cloud-based technology can act as the instrument to triage and recognising levels of scaled and intra-fund advice. It can also ensure a seamless handover from one type of adviser to another, he said.
Technology itself must be able to help advisers recognise what level of advice is appropriate and, if it falls outside a particular level of scaled advice, should be able to recommend a suitable solution, Mr Kolbusz said at the time.
"Higher levels of scaled advice that is passed on, potentially handled by another organisation, can use cloud-based technology [as] you control from a central location all the compliance, the configuration rules and making sure that what you're providing online to your clients works off the same database," he said.
Dispensing limited advice through a superannuation call centre without complete details, such as a member's risk tolerance or their spouse's circumstances, can be reduced drastically, Mr Kolbusz said.
