UK puts Microsoft, Google, Amazon, and Oracle under financial watch
- Source
- Reuters
- Time
- 1:19 PM
- Weight
- 95/100
The United Kingdom has introduced a new regulatory framework to oversee major cloud service providers, including Microsoft, Google, Amazon, and Oracle, to safeguard the country’s financial stability. Under the new rules, these technology giants are designated as "critical third parties," allowing financial regulators to monitor the services they provide to banks and investment firms.
This move addresses the growing reliance of the financial sector on a small number of external infrastructure providers for essential operations. The oversight is intended to mitigate systemic risks, as a significant outage or cyberattack at a single cloud provider could potentially disrupt the entire UK financial system.