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Tech firms 'critical' to UK financial services could see new rules in May 2025

By Phoebe Seers ( November 12, 2024, 16:15 GMT | Insight) -- Technology firms like Amazon Web Services could find themselves designated as "critical" to the UK's financial services sector and subject to new obligations and expectations in around six months' time. The financial regulators will shortly start recommending which firms should be subject to the new critical third parties regime, which is designed to shore up resilience to cyberattacks and IT outages like the July Crowdstrike incident which brought down 8.5 million computers globally, MLex understands. A new regime that aims to shore up the resilience of technology and other firms whose services underpin the day-to-day functioning of the UK’s financial services sector could see the first firms designated as “critical” and subject to new obligations and expectations in around six months’ time. ...

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