Many enterprises have achieved a novel, quick, and low-costtechnology to address the concerns of data storage and availabilityfor customers, which is referred to as Cloud Computing. More andmore financial service companies and organizations have shifted theiroffline services to cloud platforms to provide customers with moreconvenient and accurate services. Working with a cloud servicesprovider offers a wide variety of benefits for banks and financialinstitutions. This includes greater flexibility and scalability, lowercosts, and improved organizational efficiency. However, at themoment, they pose a certain level of data security risk to financialorganizations. For financial institutions, keeping data secure is of theutmost importance. Financial information is extremely sensitive,making it valuable and especially vulnerable. The cloud serviceproviders are making significant efforts to develop the cloud industryin order to maintain optimal security. After discussing cloudcomputing in the financial sector, this research outlined six majorsecurity concerns that financial institutions face in cloud computing.They are Information security Business securitySystem Security HostSecurity Data Security Network Security. We also discussed themajor strategies by cloud computing providers to tackle theseissues.Once the security challenges can be resolved properly, cloudcomputing will be further promoted in the finance sector. Financialinstitutions may leverage cloud computing in the future to developnovel business models and provide customers with an entirely newexperience with financial services.