Financial Firms Warned To Watch Risks Of Cloud Services

Law360, London (December 18, 2020, 2:59 PM GMT) -- Europe's markets watchdog told financial institutions on Friday to keep an eye on the risks that come with outsourcing their operations to cloud computing services, in a bid to prevent companies from relying too heavily on the remote servers.

The European Securities and Markets Authority published guidelines on how investment firms, trading venues and other financial companies must check a cloud computing company before offloading their services.

Financial institutions must also monitor the performance of cloud service providers and put in place an exit strategy that will not disrupt their operations, ESMA said.

Many firms outsource their IT operations to cloud...

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