Critical thinking - why AWS, Google, Microsoft, and Oracle find themselves under new regulatory oversight at the behest of the UK Government
As of this morning, the UK has four new Critical Third Parties (CTPs) as Amazon Web Service (AWS). Google, Microsoft, and Oracle fall under direct regulatory oversight from financial authorities in Britain, a move taken with the intent of strengthening the resilience of key financial services.
CTPs are technology and services providers whose offerings are deemed to be so important to UK financial stability that the Bank of England, the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) are tasked by the HM Treasury to oversee them.
Under the terms of the UK Financial Services and Markets Act 2023, the three regulators will now monitor the tech firms operation resilience, require information and incident reporting, and have the power to instigate action where needed to reduce risk levels.
For their part, the vendors need to show that they have robust mechanisms in place to identify, manage, or recover...
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