February 28, 2017, was the day the internet stood still. Ok, at least a part of it. The shutdown on Amazon Web Services (AWS)’ S3 east region affected almost every internet user in some way, cutting off access to services both large and small. While the cloud can still feel the effects of human error (it only took one keyboard stroke to bring down S3), the faith in the cloud hardly wavered and, almost a month later, this speed bump was mostly forgotten as Amazon immediately expanded the amount and locations of their data centers worldwide with the ability for AWS users to set up their systems to shift to a different region in case of another outage.
A good proof point that the S3 failure was a minor blip is how finance firms reacted to it. While enterprises of all sizes have embraced the cloud, financial firms both large and small were the slowest to adopt the cloud over their own data warehouses – traditionally risk-averse, financial organizations are usually late technology adopters, going through extensive assessment processes before making the jump. Building that confidence took time and effort, not from a cost savings perspective but that of data security and reliability.
While Goldman Sachs, JPMorgan Chase & Co, Nasdaq Inc, and even the Financial Industry Regulatory Authority have already made the move to the cloud, other players on Main and Wall street not far behind.
You can read more about how even risk-averse finance firms are embracing the cloud on Reuters.