Bank of England to crack down on 'secretive' cloud computing services
The Hindu
Earlier the BoE's Financial Policy Committee said additional policy measures were needed to mitigate financial stability risks in cloud computing.
Cloud computing providers to the financial sector can be "secretive", and regulators need to act to avoid banks' reliance on a handful of outside firms becoming a threat to financial stability, the Bank of England said on Tuesday. (Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) Banks and other financial firms are outsourcing key services to cloud computing companies such as Amazon, Microsoft and Google to improve efficiency and cut costs, with the trend accelerating last year as the COVID-19 pandemic unfolded.
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