EU Regulator: Incoming rules will arm financial institutions to negotiate cloud contracts

While the new rules will eat into financial services resources, regulators say they will also offer safeguards for managing cloud agreements.

A raft of new rules set to be released by the European Union by the end of 2022 should help strengthen a financial institution’s ability to negotiate contracts with their cloud service providers (CSPs), says a European Union regulator.

Witte Wijsmuller, a policy officer for the European Commission’s cloud and software unit, said the new rules will give firms the tools to prevent vendor lock-in and overreliance on a single CSP.

“One of the challenges, which has been persistent and isn’t going

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