Thank you for bringing your readers' attention to the benefits–and concerns by some–of cloud computing ("Credit Unions Still Skeptical About Cloud Computing," Sept. 5 issue, page 18).
At My CU Services, we're seeing growth in usage by our own credit union clients and believe cloud computing is set to take off.
However, security is a legitimate concern. As with any online activity, credit union executives are right to be reluctant if they aren't certain their data and that of their members is protected. Selecting the right cloud provider that understands your organization's security needs, third-party connections and regulatory needs is paramount.
With members' growing demand for convenience, the widespread use of technology-based services and the direction financial technologies are headed, cloud computing makes good business sense, as long as safeguards are in place. It carries many advantages, including that it is software as a service. That means credit unions have no hardware or software to install, maintain or support. They pay only for what they use.
Cloud computing is more efficient and less costly than other types of data manipulation and storage. And it is a vitally important component of business continuity and recovery planning – available from any location.
Howard Stein
Chief Operating Officer
MY CU Services LLC
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