Big Tech firms might face resilience in cloud computing in Britain

Wednesday 15 September 2021 14:59 CET | News

Amazon, Google, and other tech companies providing cloud computing to banks in Britain may have to comply with minimum resilience standards and testing.

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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Keywords: Bank of England, central bank, cloud services, TPP
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

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