Banks seek greater clarity from regulators on cloud risk

Regulators have been reluctant to specify cloud risks, despite warnings of overreliance on three big providers.

Banks are asking US regulators to provide more detailed guidance on the risks presented by cloud service providers, such as Amazon, Google and Microsoft.

The Federal Reserve, Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation are preparing to issue new interagency guidance on managing the risks associated with entering into contracts with external suppliers. A draft version of the guidance, put out for consultation in July, does not distinguish between

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