Britain plans to impose regulatory oversight on Microsoft, Google, and Amazon

Britain has elevated cloud service providers such as Microsoft, Google, Amazon, and Oracle from their previous classification to the category of critical third parties in the financial sector. This change subjects them to direct regulatory oversight by the Bank of England and the Financial Conduct Authority. The aim of this classification is to enhance the resilience of financial institutions and reduce the risk of disruption caused by cyberattacks or technical failures, especially as the sector's reliance on these services continues to grow. Companies will now be subject to regular assessment procedures and required to report major incidents, starting from July 13.

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