<ul> 
<li> 
Cloud computing is one of the most widely growing phenomena on the internet, a far-reaching concept that is being put into consideration by many banks and companies in the financial industry. The exciting idea of Cloud computing involves several computers that are connected to the internet or through any other real-time communication network. This concept allows a program to run on all connected computers simultaneously. With Cloud computing, large banks, and other companies in the financial industry, can expect significantly high benefits. 
The Bank of England (BOE) will soon begin testing the resilience of banks in the event of a disruption to the cloud, on the other hand, the central bank's Prudential Regulation Authority (PRA) is likely to be conducting further research into the technology as a possible prototype to implement the regulation. Meanwhile, in the United States, the Office of the Controller of the Currency has been exploring the relationships involving banks and third- party traders, like cloud providers. 
The European Banking Authority (EBA) and The British Bankers' Association (BBA) points out the guidance on the adoption of public cloud-based services by banks across the world. The recommendations focus on risk management by identifying specific challenges to banks, among them "data protection and location, security issues and concentration risk, not only from individual institutions but also at an industry level. 
</li>
</ul>