The BoE, along with regulators in Europe and the United States, is worried about the reliance of banks on a handful of Big Tech firms for cloud computing in increasingly critical banking services, and the impact an outage at one of them could have on financial stability.
Representatives said that a global approach would be best. The regulators are thinking to approach managing the risks from critical third-party services providers through a combination of minimum resilience standards aimed directly at critical third parties, coupled with resilience testing of these parties.
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