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Critical cloud providers should be subject to minimum resilience standards, UK regulators say

( July 21, 2022, 10:49 GMT | Official Statement) -- MLex Summary: Critical third-party technology providers should be subject to minimum resilience standards, including a requirement for them to develop and test “financial sector continuity playbooks” in the event of disruption, the UK’s financial regulators said today. The Bank of England, Prudential Regulation Authority and Financial Conduct Authority set out their thinking on how to strengthen the resilience of third-party suppliers, such as cloud service providers, after being given additional powers by the UK government due to fears that disruption could cause financial-stability risks. They will be able to recommend to the UK finance ministry which providers should be deemed “critical” and therefore subject to more stringent requirements. Statement follows. Discussion paper attached....

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