What we are seeing in the market

Organizations with a cloud-enabled IT operating model have been less prone to disruption of their business operations during the COVID-19 pandemic. The breadth of cloud technologies and related services is ever growing.

Market overview
of organizations now use some form of cloud technology.
Market overview
US dollars were spent on cloud IT services globally in 2019, the highest invested area of any IT third-party service.
Market overview
of IT spending is forecasted to be allocated to cloud technologies by 2023, as enterprises focus on customer experience and operational-led digital transformation initiatives.
Market overview
of organizations that employ cloud technology use a hybrid cloud approach.
Market overview
of organizations have seen a slight (31%) or significant (26%) rise in their use of cloud services as a direct result of COVID-19.

Your ongoing cloud journey

The journey to the cloud is not one that should be rushed, nor is the right solution for your business always a fully “cloud-native” approach.

We typically recommend financial services institutions (FSIs) follow a “cloud–first” path to support business agility, optimized migration and cost reduction, all driven by risk appetite-informed decision-making.

To capitalize on the benefits of a cloud transformation, FSIs should revisit other IT initiatives and align them to an overall cloud-first enterprise IT strategy.

Going to the cloud: EY three-phased approach

Graphic of Going to the cloud: EY three-phased approach

How we can help

Our portfolio of high-demand services is designed to support your cloud strategy and address your security and regulatory compliance requirements in a holistic and impactful way.

Graphic describing the EY cloud

Benefits of working with EY

We bring to bear a wealth of experience with our world-class cloud capabilities, technology professionals and robust qualifications.

Extensive capabilities & experience

  • $1 billion investment in client technology
  • Risk-based approach to transitions into cloud ecosystems
  • Proficient in the holistic evaluation and management of costs involved with each stage of the cloud adoption journey
  • Sector-specific industry knowledge combined with deep technical skills, nearshore and offshore delivery scale, and proven delivery methodologies
  • Deep understanding of technology and security risks, cloud technologies and services, industry-leading risk practices and regulatory compliance expectations
  • Experience conducting cloud optimization assessments to identify cost-saving opportunities and maximize ROI over the long term
  • Integrated transformation capabilities combining domain, strategy, technical and delivery experience
  • Deep financial and technical knowledge with extensive experience assisting our clients with large-scale business and technology cloud transformations
  • Experience partnering with our clients’ third-party software and services providers to deliver solutions in complex ecosystems including multiple projects at many of the world’s largest insurance companies

Global resources

  • 300k professionals working out of 700+ locations in 150 countries across 6 continents
  • 15,000+ professionals in our global delivery team
  • 1,000+ IT professionals focused on architecture and design
  • The EY cloud transformation practice has 100+ AWS and Azure certified architects with financial services experience

Outstanding credentials

  • #1 leaders in global business transformation by Forrester Research
  • #1 in innovation services
  • #1 in IT services for banking, securities and insurance
  • Recognized as a leader in 2020 IDC Worldwide Cloud Services
  • Digital transformation and resiliency industry leaders

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Our latest thinking

Why data protection is giving Cayman businesses a competitive edge

EY hosted roundtable discussed Cayman Islands Data Protection Law (DPL) and Cybersecurity (Rule) of the Cayman Islands Monetary Authority (CIMA). Read more.

What makes digital an urgency for the insurance industry

Digital transformation can help insurance companies meet new customer expectations in the new world of social distancing. Read more.

    The team

    Chris Maiato

    Principal, EY Bermuda Ltd.; and Regional Consulting Leader, EY Region of the Bahamas, Bermuda, British Virgin Islands and Cayman Islands
    Experienced innovator and transformational leader with a passion for business and technology.
    Hamilton, BMU

    Igal Wizman

    Partner at EY Parthenon and Regional Strategy and Transactions Leader, The EY Region of the Bahamas, Bermuda, British Virgin Islands and Cayman Islands
    Professional with complex cross-border restructuring, performance improvement and distressed M&A experience. Advocate for diversity by focusing on developing and empowering our EY team members.
    Nassau, BHS

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