Bank of England and FCA move to regulate cloud providers
Big tech names like Amazon Web Services, Google Cloud, Microsoft, and Oracle are about to face new rules from the Bank of England and the Financial Conduct Authority.
Since these companies handle a ton of banking essentials, think cloud storage and fraud detection, the UK wants to make sure any tech hiccups or cyberattacks don't mess with people's money or the country's financial stability.
Stress tests start July 13
Starting Monday, July 13, these companies will have to run regular stress tests that mimic emergencies, like cyber threats or power outages, and report any major incidents right away.
This all follows a big Amazon cloud outage last year that disrupted thousands of businesses.
The good news? Even with some delays rolling things out, the tech firms are on board, and leaders like Meg Hillier say it's a solid step toward keeping digital banking safe as AI grows in finance.