PRA ‘looking into more ways to access’ BigTech cloud data

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PRA ‘looking into more ways to access’ BigTech cloud data

By Will McCurdy

11/01/2022

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".

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