UK has designated Amazon (AMZN) Web Services, Google (GOOG) Cloud, Microsoft (MSFT) & Oracle (ORCL) as Critical Third Parties from the 13th of July; will be subject to oversight by UK financial regulators
The UK designated Amazon, Google, Microsoft, and Oracle as Critical Third Parties effective July 13 to mitigate systemic risks in the financial sector through direct regulatory oversight of cloud providers.
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"Four global Cloud Service Providers are to be brought under a new regime from next week to help strengthen the resilience of the UK’s financial system and protect the services millions of people and businesses rely on every day." "As banks, insurers and financial market infrastructures become increasingly reliant on cloud services, disruption at a major supplier could affect multiple firms at the same time, potentially impacting services customers depend on."
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