Cloud computing is a prospering technology that most financial organizations are considering for adoption as a cost
effective strategy for managing Information Technology (IT). However, financial organizations such as banks still consider the technology to be associated with many business risks that a re not yet resolved. Such issues include security, privacy, legal, compliance and regulatory risks. Due to lack of professionals and adequate security frameworks in the area, the issue is getting scaled up to become a severe problem. In this research ,through conducting systematic literature review on cloud computing and banking industry security standards, policy and best practices coupled with interview as methods of data collection, we proposed applicable Conceptual Cloud Computing Security Framework for Banking Industry. The Sherwood Applied Business Security Architecture (SABSA) enterprise security model is used as a guide for designing the newly proposed security framework focusing on architects view of five basic security matrix question (What, Who, Why, Where, How). The proposed framework incorporates major component that addresses security, privacy, legal and compliance and regulatory issues.
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