A survey by Harris Poll and Google Cloud has revealed that banks are taking steps to mitigate risks from their increasing use of external cloud computing services.
The survey of 1,300 leaders in financial services from the US, Canada, France, Germany, Britain, Hong Kong, Japan, Singapore, and Australia showed that 83% were using the cloud as part of their primary computing infrastructure.
The Bank of England and the Bank of France have expressed concerns about a lack of transparency in how banks rely on a ‘concentrated’ number of outside cloud computing providers like Google, Microsoft, and Amazon (AMZN.O) which are beyond the arm of the regulators, according to Reuters.
Regulators are worried that reliance by many banks on the same providers could create systemic risk if one of the cloud companies were to go down.
The bulk of the companies surveyed are also considering adopting a multicloud strategy, which would allow a bank to switch to an alternative provider if there is an outage to avoid an interruption of services for customers.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now