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IT Research Project: Cloud Computing Add in library

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Question:

Describe about the Information Management in cloud computing?
 
 

Answer:

Information Management in cloud computing:

Today our day to day life consists of digital data, which plays a major role to make our life secure and comfortable enough. An organization growth depends upon the various strategies and decisions, taken by the management. It becomes difficult when one adopt new technology for their business growth by analyzing various data. Hence an effective information management is needed in order to analyze a large amount of data and manage strategies.

Management of Information System, which is based on cloud computing (CMIS), is capable of handling varieties of management related tasks. It provides accurate information to all the level of management in an organization for the analysis of data and to produce auto generated report. Here it is a consideration of virtual pool of various computing resources to meet user’s requirements, whenever it is needed on the basis of pay-per-use.

Information management in cloud computing is considered as a set of procedures which enable to collect, to store and to process data, so that it can produce relevant information in order to maintain communication and flow of data among all levels of management.

Banking this context:

As a financial intermediation, bank’s nature is to provide financial services and conduct the intermediary service and financial service in the whole financial system by making loans and by accepting deposits. Now, here the question arises in traditional banking system-

  • How banks conduct these roles?
  • What is value added by the banks?
  • How the security concerns are measured in order to store and share data using cloud?
  • How the Encryption and tokenization is used?
  • How some times the combination of Encryption and tokenization is used to hide the data from the intruders?

All these operations are done with the involvement of cloud computing in order to synchronize the whole process and to maintain the integrity, so that no replication of data happen in the bank database, paper loads are also get decreased, costs are cut, improvement of scalability and flexibility (Banks are able to find the quick view of market scenario), increment of efficiency (the standardization inherent in the cloud can make it easier to introduce new technology), serve client faster by eliminating software and hardware delays, transaction banking make it easy for the payments took place, where buyer and sellers could be able to bring together on shared application using cloud (DELIVERY, 2015).

Security:

As far the security issues are concerned, using internet banking with traditional banking methods, is primary concern. Data security between web server and customer browser is handled by a security protocol called Secure Socket Layer (SSL), which provides server authentication, data encryption, integrity of messages, internet connection. SSL provides security “handshake”, which is used to initialize the connection. In current scenario, Washington Company’s online banking application data encryption at highest level of 128 bit (Ibm.com, 2015).

 

References

DELIVERY, E. (2015). Electronic banking - advantages for financial services delivery. Academia.edu. Retrieved 23 February 2015, from https://www.academia.edu/2635617/Electronic_Banking_-_Advantages_For_Financial_Services_Delivery

Ibm.com,. (2015). IBM : What is Cloud Computing : Types of Services and Deployment - India. Retrieved 23 February 2015, from https://www.ibm.com/cloud-computing/in/en/what-is-cloud-computing.html

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