UK to regulate cloud service providers Microsoft, Google and others to protect financial stability

Britain on Friday designated cloud service providers Microsoft, Google, Amazon and Oracle as 'critical third parties', ‌bringing ⁠them ⁠under direct regulatory oversight to protect the country's financial system.

"As ​banks, insurers and financial market infrastructures become ​increasingly reliant ⁠on cloud ‌services, disruption ​at ​a major supplier ⁠could affect multiple firms at ​the same time, potentially impacting ​services customers depend on," the government said in a statement.

To that end, ‌it designated Microsoft Ireland Operations Ltd, Google Cloud EMEA ⁠Ltd, Amazon Web Services EMEA SARL, and Oracle Corporation UK Ltd as critical third parties, effective July 13.