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Big Tech cloud services could face resilience test

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Global Business Review Magazine
Sunday, June 11, 2023
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Big Tech cloud services could face resilience test

Big Tech cloud services could face resilience test

Amazon, Google and other tech companies providing cloud computing to banks in Britain. A senior Bank of England official said that, this may have to comply with minimum resilience standards and testing. The BoE, along with regulators in Europe and the United States, is worried about the reliance of banks of Big Tech firms for cloud computing. This is in increasingly critical banking services.

Victoria Saporta, BoE executive director for prudential supervision said that this is a big topic both within the UK and internationally. In an event held by the Institute of International Finance, a global banking industry body this had been stated. She also stated that a global approach would be best. And that impact is an outage, as one of them could have been on financial stability.

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Saporta also said that their current thinking is that the most effective approach to managing these risks from critical third-party services providers is through a combination of minimum resilience standards aimed directly at critical third parties, that is coupled with resilience testing of these critical third parties.

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Investors caught off guard as Bank of Canada’s inflation indicator fails

BoC sets rates to two-decade peak with room for more

US markets’ slump deepens to a half-year peak; its consequences

US markets’ slump deepens to a half-year peak; its consequences

Dollar edges up as jolt from Fed minutes wanes

Dollar unflinchingly holds position amid uncharted numbers

Deutsche Bank snapped by Credit Suisse

Timeline until: Credit Suisse stumbled and UBS went to its aid

Relentless debt: US loans are dragging; root cause multiplies

Relentless debt: US loans are dragging; root cause multiplies

UK to slash bond issuance

Banks toss bets for high-jeopardy bonds

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • BoC sets rates to two-decade peak with room for more
  • US markets’ slump deepens to a half-year peak; its consequences
  • Dollar unflinchingly holds position amid uncharted numbers
  • Timeline until: Credit Suisse stumbled and UBS went to its aid
  • Relentless debt: US loans are dragging; root cause multiplies

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