Cloud throws up new financial stability risks – FSB
Reliance on third-party cloud platforms creates risks, especially given market power of providers
The reliance of many financial firms on third-party cloud services is creating a new set of financial stability risks, especially given the concentrated nature of the cloud market, the Financial Stability Board says.
Because cloud services are geographically distributed and providers tend to invest heavily in security, use of the cloud can bring important benefits for financial firms, the FSB report says.
However, “operational incidents at third-party service providers may result in temporary
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