'Critical 3rd parties': UK puts Microsoft, Google, Amazon, Oracle under oversight
The UK government has designated Microsoft, Google, Amazon, and Oracle as 'critical third parties' to bring their cloud operations under direct regulatory oversight. This move aims to protect the country's financial system from potential disruptions caused by reliance on these major cloud providers.
Why it matters
It establishes a new regulatory precedent for how nations manage systemic risks posed by the concentration of cloud infrastructure in a few global tech giants.
The UK government on Friday designated Microsoft, Google, Amazon and Oracle as "critical third parties", bringing their cloud service operations under direct regulatory oversight to safeguard the country's financial system.The designation, which takes effect on July 13, covers Microsoft Ireland Operations Ltd, Google Cloud EMEA Ltd, Amazon Web Services EMEA SARL and Oracle Corporation UK Ltd.The move comes as banks, insurers and financial market infrastructure firms become increasingly dependent on cloud computing services."As banks, insurers and financial…
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