SkyDriveOneDriveMatt Gunn, Managing Editor | TechComply

It’s the beginning of the end for Microsoft’s SkyDrive cloud storage service. Well, for the name at least. The Redmond, Wash.-based tech giant has begun rolling out OneDrive to take its place.

Along with the new name, OneDrive brings a few new features, such as enhanced video sharing and automatic photo uploads on Android devices. Microsoft has also introduced a Dropbox-like feature giving users an extra 500 MB for referring new users who sign up (individual users start with 7GB of free storage).

Read more about the new features on Microsoft’s OneDrive blog. OneDrive is available across platforms, and comes bundled in as a default storage setting in Microsoft Office.

Like SkyDrive before it, OneDrive might not be for everyone. Particularly for those in the banking industry, where security is of utmost importance (and where there are regulatory considerations as well). While this post is simply a head’s up to the new name, I’ve gone ahead and included a few additional resources below written by Safe Systems’ subject matter experts on banking IT and compliance.

Compliance Guru: Data Classification and the Cloud

TechComply: How to Disable SkyDrive in Office 2013

Safe Systems: Risk Management for Hosted/Cloud Services

Compliance Guru: Risk Assessing iCloud (and other online backups)