Banks call for direct oversight of cloud providers by US regulators
Tri-opoly of cloud vendors “poses systemic risk” to financial sector, say risk managers
Senior risk managers at three large global banks tell Risk.net they want US bank regulators to exercise direct oversight of cloud service providers, such as Amazon, Google and Microsoft.
“Those big cloud providers already pose systemic risk to the financial sector,” says the head of third-party risk management at a large European bank with operations in the US. “Regulators cannot shy away from regulating them directly.”
“I completely agree” that bank supervisors should “directly regulate cloud
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