By Lucia Osborne-Crowley (October 8, 2021, 4:56 PM BST) -- The Bank of England said on Friday that it is considering introducing new regulations to deal with the risks associated with the financial sector's reliance on third-party cloud services such as Amazon and Google.
The central bank said that the growing practice of banks outsourcing work to so-called critical third parties, or CTPs, including cloud computing services such as Amazon, can be beneficial. But it also carries significant risk.
"The increasing criticality of the services that CTPs provide, alongside concentration in a small number of providers, pose a threat to financial stability in the absence of greater direct regulatory oversight," the...
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