The European Banking Authority (EBA) and the United Kingdom’s Financial Conduct Authority (FCA) have initiated contact with Google following a significant cloud infrastructure outage earlier this week. The service disruption resulted in downtime for multiple banking websites, drawing the attention of financial oversight bodies in both jurisdictions.
As financial institutions increasingly rely on third-party cloud service providers to maintain critical digital infrastructure, regulators have heightened their focus on the operational resilience of these platforms. The inquiry highlights the importance of cloud stability within the broader digital economy and the oversight mechanisms employed by authorities to manage risks associated with technical failures in major cloud systems.
Details regarding the duration of the outage, the specific nature of the services affected, and the scope of the regulators’ inquiry remain limited. Further information is expected as the EBA and FCA continue to evaluate the incident’s impact on the financial services sector.
Source: Finextra
Original article: https://www.finextra.com/newsarticle/48637/uk-and-eu-financial-regulators-seek-answers-from-google-over-cloud-outage?utm_medium=rssfinextra&utm_source=finextrafeed
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