UK Treasury Designates Big Four US Hyperscalers as "Critical Third Parties"
The move gives UK regulators power to assess resilience and enforce rules after a 2024 survey found the three firms supplied 73% of cloud services.
- On July 13, the Treasury designated Google Cloud, Microsoft Azure, and Oracle as 'Critical Third Parties' , subjecting them to direct regulatory oversight of UK financial services.
- According to a 2024 survey, Microsoft, Google, and Amazon accounted for 73 percent of cloud computing services to UK financial companies, creating systemic risk if a major supplier failed.
- Regulators including the Prudential Regulation Authority and Financial Conduct Authority now possess power to gather information and enforce CTP-specific rules addressing risks to financial continuity.
- Microsoft stated the designation 'marks a new chapter in this relationship,' while AWS affirmed commitment to helping customers meet operational resilience objectives.
- The Treasury noted the 'Big Four' could be the first of many CTPs, with regulators set to periodically review whether providers continue meeting designation criteria.
12 Articles
12 Articles
Banking Outages Put Big Tech in the Spotlight: UK Targets Amazon, Microsoft, Google, and Oracle
Amazon, Microsoft, Google, and Oracle fall under direct supervision by Britain's financial watchdogs from today, the first companies ever brought inside the UK's new oversight regime for the technology underpinning banks. The logic is concentration: the Treasury found more than 65% of UK organisations rely on the same four providers, so a single bad outage could freeze apps, payments, and markets for millions of people at once. HM Treasury named…
UK to regulate cloud service providers Microsoft, Google and others to protect financial stability
The UK government has identified Microsoft, Google, Amazon, and Oracle as essential cloud providers, implying new regulatory measures for these tech giants. This initiative is designed to bolster the resilience of the financial sector against potential cyber threats and service interruptions, introducing stringent testing and reporting protocols. Through this framework, the UK aims to secure and stabilize its financial infrastructure for the fut…
UK regulates Amazon, Microsoft, Google in the finance sector
Cloud computing companies Google, Microsoft, AWS & Oracle have been brought under finance sector regulation as "critical third parties" as UK banks face outage or cyberattack risks due to their reliance on the big four. The post UK regulates Microsoft, Google, Amazon in finance sector; India sticks to indirect oversight appeared first on MEDIANAMA.
international-adviser.com
investment-international.comUK watchdogs to oversee tech providers operating in UK financial services
Four major global cloud services and technology providers designated as Critical Third Parties (CTPs) by the government will sit under the auspices of the Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Amazon Web Services EMEA SARL, Google Cloud EMEA, Microsoft Ireland Operations, and Oracle Corporation UK have been deemed critical to many firms and their disruption or failure could potentia…
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