Standard Bank Group

1. Data Security & Privacy: Like any online system, cloud computing poses security risks. If data is stored online, it can be vulnerable to security attacks, malicious programs, data breaches, and other forms of cybercrime. Therefore, it is important for Standard Bank Group to ensure that their cloud computing system is sufficiently secure and that the data is properly safeguarded.

2. System Performance: Cloud computing may require the bank to manage its own system performance or rely on the performance of a third-party cloud service provider. In both cases, system performance issues can arise, including network latency, slow load times, and other system errors.

3. Regulatory Compliance: Cloud-based services must be compliant with global data privacy laws, including the General Data Protection Regulation (GDPR). As the cloud service provider doesn’t have full control over all customer data, Standard Bank Group must ensure that the provider follows the same security standards they adhere to.

4. Interoperability & Vendor Lock-In: Interoperability issues may arise when using different cloud components from different vendors, as the cloud infrastructure and systems may not be compatible. Moreover, vendor lock-in can occur when a customer is tied to a particular cloud service provider and unable to switch to another provider, due to data or technical incompatibilities.