By Marcus Leach

Big-spending global banks and members of the Open Data Alliance are investing heavily in cloud computing, which will see deployment triple in the next two years.

According to a new report, the adoption rate of the technology is five times faster than broad market forecasts predicted and shows a growing confidence in the cloud services provided to businesses.

Open Data Alliance, which is a group of over 300 companies with an annual $100 billion (£62.4 billion) spend on IT, was formed last year to invest $50 billion over three years into the $90 billion cloud industry.

"We're delighted by the rapid progress to set standards for cloud security and management, and collaboration with data centre industry leaders to deliver open, interoperable cloud solutions," Marvin Wheeler, the Alliance's chairman, told the Financial Times.

There had been concerns over the security of the cloud, but Mike Small, member of security advisory group ISACA, has reassured people. Writing for the Guardian, he said that by making sure the ownership rights are clear there will be no such risks.

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