UK to regulate cloud service providers Microsoft, Google and others to protect financial stability
Britain has designated cloud service providers Microsoft, Google, Amazon and Oracle as critical third-party suppliers to its financial sector, bringing them under direct regulatory oversight.
The move is aimed at strengthening the resilience of financial firms by reducing the risk of widespread disruption from cyber attacks or technology outages.
“As banks, insurers and financial market infrastructures become increasingly reliant on cloud services, disruption at a major supplier could affect multiple firms at the same time, potentially impacting services customers depend on,” the government said in a statement on Friday.
