Tag: Cybersecurity and privacy

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Europe: Systemically important outsourced service providers, eg cloud services, to be identified and regulated in the UK    

Europe: Systemically important outsourced service providers, eg cloud services, to be identified and regulated in the UK    

By: Kai Zhang

In an 8 June 2022 policy statement,  the UK Government proposes a specific regime for supervising “critical” service providers to the financial services industry. This is to address concentration risk as many regulated firms rely on a few large service providers whose failure could potentially threaten the stability of, or confidence in, the UK’s financial system.   The Government observes that in 2020 over 65% of UK regulated firms used the same four cloud providers for cloud infrastructure services.

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