Organisations presented with the case for cloud computing are still reluctant to give up control, just as they were nervous about outsourcing work in the past, according to research among 4,500 IT professionals around the world from ISACA, a trade association.

The poll showed there is particular concern about public cloud computing. A public cloud is where services are available for use via subscription, or in some cases, for free; a private cloud is for exclusive use by a single organisation. 

At a time of concerns about security, the relevance of such issues to wealth management and other financial services of such IT issues is clear.

The ISACA survey, conducted among people in 83 nations, found that in Europe, 68 per cent of respondents believe the risk posed by public cloud services outweigh the benefits a theme replicated across all the regions. This risk is seen as even higher in Latin America (73 per cent.

In contrast, 58 per cent in Europe believe the benefit outweighs the risk for private cloud services, with similar percentages across all regions; except Africa, where it scored slightly higher at 66 per cent.

“What is apparent from this study is the perception of control. Private cloud scores better than both public and hybrid cloud, when asked if the benefit outweighs the risk, yet take up is still relatively low,” Marc Vael, international vice president of ISACA, said in a statement.

“My thought is that enterprises are facing a similar dilemma as they did when first contemplating outsourcing—it is the psychology of relinquishing control that needs to be addressed. I also believe that is why there is more faith in private cloud services, where the enterprise retains management over both hybrid and public alternatives; however, this solution offers fewer advantages,” he said.

The drivers behind cloud computing were found to be primarily business related with lowering costs, increasing efficiency and accessibility and introducing scalability all regularly cited, the report said.