What to do for clouds to finally appear over the Polish financial market?

In January 2020, the Financial Supervision Authority (KNF) issued the so-called Cloud Communication on information processing by using cloud computing. Its final shape was influenced by questions and comments submitted by various participants of the financial market in Poland.

A practical, expert analysis performed by Marcin Stadnik, Head of Financial Services, Banking & Insurance Industry at Sii Poland, allows you to understand the most important aspects of the Communication and the conclusions drawn from it. Its addressees are both entities supervised by KNF and potential IT services providers who are looking for answers to key questions:

• Who does the KNF Cloud Communication concern and when should its guidelines be applied?
• How does the KNF Cloud Communication relate to EU regulations and guidelines?
• When does a cloud stop being private and what does it mean for the institution that uses it?
• Can you own a private cloud without being its owner?
• What requirements should the IT team managing a cloud meet for it to remain private?
• Does encryption eliminate the risk of disclosure of legally protected information?

If you are looking for concrete, reliable information about the KNF Cloud Communication, read our analysis.