27/09/2024
The European Central Bank launched a public consultation on its new guidelines for cloud services. The guidelines explain how the bank understands compliance with legal requirements and the supervisory expectations of banks.
Banks are increasingly using cloud services provided by third parties that may be cheaper and more secure, but that can bring risks. The supervisory assessment by the European Central Bank in 2023 found several vulnerabilities in how banks organise their sub-contracting. The result is that third-party risk management, including the risk from transferring services to cloud service providers, will remain a priority in supervision for the bank in 2024-2026.
The public consultation will end on 15 July 2024. The European Central Bank will then publish the comments received and the final guidelines. Further information on the public consultation can be found on the website of the European Central Bank.
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