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Tag: bank of england (page 1 of 1)

Big Cloud services could face resilience testing, says Bank of England

The Bank of England has said that tech giants like Google, Amazon, providing cloud services to British banks may have to comply with minimum resilience standards. Many European and US regulators are also worried about the bank’s reliance on a handful of tech companies for cloud, and how much of an impact an outage could have on financial stability. Resilience testing is being suggested as a solution for the problem.

Source: The Hindu

Bank of England to suspend secretive cloud computing services

BoE has become wary of banks trying to rely on cloud computing services that could be secretive. Andrew Bailey, Governor of BoE said, big providers could decide on the T&C and also the pricing. They could also withhold information required to assess risks in the service from its customers. BoE wants more information being provided by the firms to its regulators and customers and understands the threat of cyberattacks as well.

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