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

Britain has designated major cloud service providers, including Microsoft, Google, Amazon, and Oracle, as 'critical third parties' to ensure the country's financial system remains secure.

​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.