Regulators voice concerns over cloud risk
Failure of big cloud service provider could cause “a very large shock”, says NY Fed exec
Concerns are growing among regulators that an outage or failure at a tech giant that provides outsourced cloud services to a large number of institutions could cascade through the financial system, according to a senior executive from the Federal Reserve Bank of New York.
Regulators acknowledge there is a trade-off between relying on a handful of vendors to provide services that improve institutions’ resilience to shocks on an individual basis – for instance, by enabling workers to ‘remote in’
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