The Prudential Regulation Authority (PRA) is looking into ways to access more data from BigTech cloud providers, according to sources reported by The Financial Times.
The data would cover the operational resilience of their solutions according to the newspaper’s sources.
The sources also said that UK banks leaning on a small number of cloud providers is “also emerging as a concern”.
In addition, the regulator is also considering introducing “more robust outage and disaster recovery tests” according to the report.
The news comes after a senior Bank of England (BOE) official said in September that BigTech providers of cloud services to UK banks may now have to undergo resilience testing to ensure they meet minimum standards.
Victoria Saporta, executive director for prudential supervision at the BoE, said maintaining the continuity of the cloud services banks rely on is "a big topic both within the UK and internationally".
Latest News
-
Deutsche Bank, ING and Santander join Mastercard cyber defence exercise
-
Santander to merge Openbank and Santander Consumer Finance
-
Klarna launches digital wallet in bid to ‘disrupt UK retail banking’
-
Bank of England halves banker bonus deferral to four years
-
Visa launches protocol for agentic commerce
-
FCA boosts blockchain-based fund innovation with new plan
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories