It is often said that the supposed cost benefits of cloud computing make it more appealing to chief financial officers than to CIOs. But CFOs, it seems, are nevertheless worried about the security implications.

A study conducted by hosting provider SunGard Availability Services found that more than half (56%) expressed fears regarding the security of sensitive data hosted in the cloud.

The research also discovered that high-profile media stories highlighting cloud computing’s security concerns appeared to be hampering adoption. Nearly half (45%) of CFOs said that such coverage inclined them to keep their data in-house.

“With over half of CFOs expecting IT budgets to remain the same or shrink over the coming three years, IT vendors and senior in-house IT employees need to do much more to educate financial decision makers about the benefits of moving to an appropriate outsourced IT environment and the related use of outsourcing partners,” commented Keith Tilley, UK managing director at SunGard.