Outsourcing critical banking information and services to a small number of cloud service providers means that these providers have the power to dictate their own terms.

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Banks are growing Trust in cloud computing could pose a risk to financial stability and requires stricter oversight, according to top managers at the UK central bank.

In a report focusing on financial stability in the UK over the past few months, the Bank of England drew attention to the increasing adoption of public cloud services and raised concerns that these services are only provided by a handful of large dominant companies.

Outsourcing critical banking information and services to a small number of cloud service providers (CSPs), according to the Bank of England, means those providers …



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