The transition to the cloud continues to be a major focus for chief information officers — and there’s good reason for that.
Among other advantages, cloud adoption can be significant cost-saver and play a key role in spurring innovation. My colleague Dan DeFrancesco got an inside peek into Equifax’s cloud journey that illuminates both those benefits and more.
After its 2017 security breach that resulted in a $575 million settlement with the federal government, Equifax pledged to undergo a $1.25 billion tech overhaul. And a key aspect of that is the move to the public cloud.
Now, just two years into its journey to adopt Google Cloud, the company has already decommissioned 10 physical data centers and is cutting costs by as much as $240 million.
It’s also accelerating IT projects. Prior to the overhaul, Equifax averaged 90 new products each year. Now, that is expected to increase to over 100, according to chief technology officer Bryson Koehler.
On top of all the benefits the firm experienced, there’s also a larger message in Equifax’s transformation.
Many companies — particularly those, like financial organizations, with sensitive information — are still hesitant to store all their data on public cloud providers. Given that Equifax underwent one of the most public data breaches in history, the decision to migrate to Google Cloud could signify to others that the security of the platform is robust, DeFrancesco reported.
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Disclosure: Mathias Döpfner, CEO of Business Insider’s parent company, Axel Springer, is a Netflix board member.
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