Published by maria gbaf
Posted on September 14, 2021
1 min readLast updated: February 11, 2026
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LONDON (Reuters) – Amazon, Google and other tech companies providing cloud computing to banks in Britain may have to comply with minimum resilience standards and testing, a senior Bank of England official said on Monday.
The BoE, along with regulators in Europe and the United States, is worried about the reliance of banks on a handful of Big Tech firms for cloud computing in increasingly critical banking services, and the impact an outage at one of them could have on financial stability.
“This is a big topic both within the UK and internationally,” Victoria Saporta, BoE executive director for prudential supervision, told an event held by the Institute of International Finance, a global banking industry body.
A global approach would be best, she said.
“Our current thinking is that the most effective … approach to managing these risks from critical third party services providers is through a combination of minimum resilience standards aimed directly at critical third parties … coupled with resilience testing of these critical third parties,” Saporta said.
(Reporting by Huw Jones; Editing by Edmund Blair)
The Bank of England is worried about banks' reliance on a few Big Tech firms for cloud computing, especially as these services become critical to banking operations.
The Bank of England suggests that cloud service providers should comply with minimum resilience standards and undergo testing to manage risks associated with critical third-party services.
Victoria Saporta is the executive director for prudential supervision at the Bank of England, and she emphasized the importance of a global approach to managing risks from critical third-party service providers.
The Bank of England believes that the most effective way to manage risks from critical third-party service providers is through a combination of minimum resilience standards and testing.
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