More than a decade on from the financial crisis, regulators are spooked once again that some companies at the heart of the financial system are too big to fail. But they're not banks.
Amazon Web Services – the largest cloud provider according to Synergy Group - posted sales of $28.3 billion in the six months to June, up 35% on the prior year and higher than its annual revenue of $25.7 billion as recently as 2018.
Last month, the Bank of England said big tech companies could dictate terms and conditions to financial firms and were not always providing enough information for their clients to monitor risks - and that "secrecy" had to end.Google told Reuters that less than a fifth of financial firms were using multiple clouds in case one failed, according to a recent survey, although 88% of those that did not spread their risk yet planned to do so within a year.
Being able to switch cloud providers easily when needed is, however, a task that is more easily said than done and could introduce disruptions to business, the FINRA report said.Banks and tech firms contest the suggestion that greater adoption of the cloud is making the financial system's infrastructure inherently riskier.
"Cloud providers invest a lot of resources in security at a scale that few individual companies could manage," he said."We may one day see regulators pulling data on demand from regulated banks with cloud-enabled application programming interfaces , instead of waiting for banks to periodically push data at them," he said.
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