Britain subjects cloud service providers for banks to direct oversight

The British government has decided to classify major cloud service providers, including Microsoft, Google, Amazon, and Oracle, as a critical third party for its financial sector. This designation subject them to direct oversight by regulatory bodies such as the Bank of England, the Financial Conduct Authority, and the Prudential Regulation Authority. The aim is to mitigate risks arising from technical service outages or cyberattacks that could impact banks, insurance companies, and financial infrastructure. These providers are subject to regular testing and assessments to ensure service continuity and the stability of the UK financial system.

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