Date of Award
5-2025
Culminating Project Type
Starred Paper
Styleguide
ieee
Degree Name
Computer Science: M.S.
Department
Computer Science and Information Technology
College
School of Science and Engineering
First Advisor
Petzold, Mark C
Second Advisor
Maninder Singh
Third Advisor
Mailewa, Akalanka B
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.
Abstract
This study investigates the implementation of Amazon Web Services' (AWS) Elastic Compute Cloud (EC2) and Auto Scaling features in the United States financial industry. Utilizing a qualitative approach through a comprehensive literature review and case study analysis, the research identifies key benefits such as improved resource utilization, cost reduction, and enhanced security compliance. Findings indicate that AWS EC2’s auto-scaling mechanism significantly boosts operational efficiency by dynamically managing workloads and reducing infrastructure costs, while AWS security strategies provide a structured approach to mitigating cybersecurity risks. Additionally, the study identifies key security risks in cloud adoption, offers a comparative analysis of AWS EC2 security features against other leading cloud providers, and proposes a security control matrix to guide best practices in secure cloud infrastructure. The paper concludes with recommendations for optimizing cloud adoption in financial organizations.
Recommended Citation
Sarabudla, Avinash reddy, "Impact of Cloud Computing in Finance Industry" (2025). Culminating Projects in Computer Science and Information Technology. 58.
https://repository.stcloudstate.edu/csit_etds/58
Comments/Acknowledgements
Table of Contents
Page
List of Tables. 9
List of Figures. 10
CCS Concepts. 12
General Terms. 12
Keywords. 13
List of Abbreviations. 14
Chapter
Chapter One. 16
1.1 Introduction. 16
1.2 Background of the Study. 18
1.3 Problem Statement 19
1.4 Study Objectives. 20
1.5 Research Questions. 20
1.6 Significance of the Study. 21
1.7 Scope and Limitations. 21
1.8 Organization of the Paper 22
Chapter Two. 24
2.1 Overview of Cloud Computing. 24
Chapter Page
2.1.1 Definition and Characteristics. 24
2.1.2 Evolution of Cloud Computing. 24
2.1.3 Cloud Computing Architecture. 26
2.1.4 Market Trends and Adoption. 27
2.1.5 Recent Advances and Future Directions. 28
2.2 Cloud Computing in the Financial Industry. 28
2.2.1 Adoption of Cloud Computing in Finance. 29
2.2.2 Key Drivers of Cloud Adoption. 29
2.2.3 Case Studies of Cloud Adoption. 29
2.3 Benefits and Challenges of Cloud Adoption. 31
2.3.1 Benefits of Cloud Adoption. 31
2.3.1.1 Cost Efficiency Comparison. 32
2.3.2 Challenges of Cloud Adoption. 33
2.3.3 Recent Statistics and Case Studies. 35
2.4 Cloud Service Models (IaaS, PaaS, SaaS) 36
2.4.1 Infrastructure as a Service (IaaS) 37
2.4.2 Platform as a Service (PaaS) 37
2.4.3 Software as a Service (SaaS) 38
2.4.4 Comparison of Cloud Service Models. 39
Chapter Page
2.5 Cloud Deployment Models (Public, Private, Hybrid) 40
2.5.1 Recent Trends in Deployment Models. 42
2.6 Security and Compliance Considerations for Financial Organizations. 43
2.7 Existing Cloud Solutions for Financial Institutions. 45
2.8 Guiding Cloud System Design Through Literature Review.. 47
2.9 Conclusion. 48
Chapter Three. 49
3.1 Introduction. 49
3.2 Research Design. 50
3.2.1 Systematic Literature Review.. 51
3.2.2 Case Study Analysis. 51
3.2.3 Thematic Analysis. 52
3.3 Data Collection Methods. 52
3.3.1 Literature Review.. 52
3.3.2 Inclusion Criteria. 53
3.3.3 Exclusion Criteria. 53
3.3.4 Case Study Selection. 53
3.4 Data Analysis Techniques. 54
3.4.1 Thematic Analysis. 54
Chapter Page
3.4.2 Comparative Analysis. 55
3.5 Applying Research Findings to Cloud System Design. 55
3.6 Ethical Considerations. 55
3.7 Limitations. 56
3.8 Conclusion. 57
Chapter Four 58
4.1 Introduction. 58
4.2 System Architecture Overview.. 58
4.2.1 Security Controls in AWS EC2 for Financial Institutions. 59
4.3 Implementation Process for Operational Efficiency. 60
4.3.1 VPC and Subnet Configuration for Network Optimization. 61
4.3.2 EC2 Instances and Security Groups. 63
4.3.3 Auto Scaling Group (ASG): Dynamically Optimizing Resource Utilization. 64
4.3.4 Application Load Balancer (ALB) 66
4.3.5 Amazon RDS Setup. 67
4.3.6 Amazon S3 for Storage. 69
4.3.7 CloudWatch: Monitoring and Driving Operational Efficiency. 70
4.4 Challenges Encountered During Implementation. 75
4.5 Addressing Operational Challenges. 76
Chapter Page
4.6 Summary. 76
Chapter Five. 77
5.1 Summary of the Study. 77
5.2 Key Findings. 77
5.3 Implications for Financial Institutions. 78
5.4 Challenges and Limitations. 79
5.5 Future Work and Recommendations. 79
5.6 Conclusion. 79
References. 81