Bank of England handed powers to regulate key tech firms including Amazon and Google

The Bank of England is stepping up to regulate major tech firms like Amazon and Google to bolster cyber-defences and protect the UK economy from potential system failures that could jeopardize financial stability and consumer safety. This move comes as regulators are increasingly concerned about the risks posed by these "critical third parties." With oversight now in place, the Bank and the Financial Conduct Authority aim to ensure these firms maintain resilient systems to safeguard against threats. This regulatory shift underscores the growing recognition of the tech sector's influence on global financial health.