UK Regulators Extend Oversight to Major US Cloud Service Providers
UK financial regulators are set to expand their oversight to include four major US cloud service providers: Microsoft, Google, Amazon, and Oracle. This move designates these companies as 'critical third parties' to enhance regulatory control over their services.
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UK financial regulators to extend oversight to four big US cloud services groups
Designating Microsoft, Google, Amazon and Oracle as ‘critical third parties’ will help improve resilience, says Treasury
Read full article →'Critical 3rd parties': UK puts Microsoft, Google, Amazon, Oracle under oversight
Major cloud providers like Microsoft and Google are now critical third parties. This designation brings their cloud operations under direct regulatory oversight. The new framework aims to safeguard the country's financial system resilience. This move addresses increasing reliance on cloud services by financial firms. The regulations take effect on July thirteenth, enhancing financial stability.
By TOI WORLD DESK
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