'Critical 3rd parties': UK puts Microsoft, Google, Amazon, Oracle under oversight

The UK has elevated cloud services from Microsoft, Google, Amazon, and Oracle to critical third-party status, subjecting them to direct regulatory oversight. This move underscores the growing dependence of the financial sector on cloud services and aims to bolster the resilience of the country's financial system. Effective July 13, these new regulations are designed to enhance financial stability by ensuring that these major cloud providers adhere to strict standards, reflecting a proactive approach to manage potential risks associated with cloud operations.