Cloud computing providers for British banks are to be scrutinized more closely

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UK financial regulators are getting new powers to visit cloud computing companies on-site, including hyperscale public cloud providers Amazon AWS, Microsoft Azure and Google Cloud as part of HM Treasury’s proposals to take a closer look at “critical services” used by financial firms.

About half of all UK cloud infrastructure is housed in a handful of data centres. (Photo by gorodenkoff/iStock)

in one Policy statement released today, HM Treasury warned that 65% of UK businesses use the same four cloud providers. This poses a significant risk of disruption if one or more of them are hacked or suffer an extended outage, the Treasury said, meaning these companies will need to be subject to heightened security controls.

The Bank of England the question of the risk of cloud concentration was raised for the first time last Octoberand Today’s proposals have been in the works since the turn of the year.

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