Microsoft, Google, Amazon, Oracle Units Designated Critical Third Parties for UK Financial Sector

MT Newswires Live19:22

Microsoft (MSFT), Google parent Alphabet (GOOG, GOOGL), Amazon (AMZN), and Oracle (ORCL) units have been designated by the UK as critical third parties for cloud services provided to the country's financial system, effective July 13, the UK government said Friday.

The designation means that the Bank of England, Prudential Regulation Authority, and Financial Conduct Authority will oversee the critical services they provide to the financial sector in an attempt to reduce the risk of disruption, the government said.

The companies will be subject to oversight by the UK financial regulators to ensure they have tools in place to identify, manage, and recover from disruptions, the government said.

"Microsoft remains fully committed to complying with the relevant oversight requirements and the UK's cybersecurity and resilience laws," said Freddy Dezeure, Microsoft's deputy chief information security officer for Europe.

The other companies also voiced support for the new measures.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment