The Bank of England is calling for more powers to oversee the banking and financial sector transition to cloud computing.
The concerns stem from the cloud rollout, which is making systems more secret and concentrating sensitive data in the hands of a few select technology giants such as Amazon and Microsoft.
The central bank has announced that it will need “additional policy measures” to ensure it can assess the industry’s IT infrastructure, even if it is operated by third parties.
“To be honest, we have to take some of it back, the secrecy that goes with it. It is not in line with our goals, ”Governor Andrew Bailey told reporters.
The warning follows that Deutsche Bank AG is relocating its most sensitive IT systems to Google’s cloud. For companies like this, the cloud allows them to spend less on their own data centers while relying on the security and computing power of tech companies. The largest providers include Amazon Web Services, Microsoft …