The UK government has designated cloud service providers Microsoft, Google, Amazon, and Oracle as ‘critical third parties’ to protect the country’s financial system. This move brings these companies under direct regulatory oversight, effective July 13.
Background
The decision was made due to the increasing reliance of banks, insurers, and financial market infrastructures on cloud services. Disruption at a major supplier could affect multiple firms at the same time, potentially impacting services customers depend on.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
