The Bank of England and the Bank of France have expressed
concerns about a lack of transparency in how banks rely on a "concentrated"
number of outside cloud computing providers like Google, Microsoft and Amazon
which are beyond the arm of the regulators.
Regulators are worried that reliance by many banks on the
same providers could create systemic risk if one of the cloud companies were to
go down.
The survey of 1,300 leaders in financial services from the
United States, Canada, France, Germany, Britain, Hong Kong, Japan, Singapore
and Australia showed that 83% were using the cloud as part of their primary
computing infrastructure.
The bulk of the companies are also considering adopting a
multicloud strategy, the survey said, which would allow a bank to switch to an
alternative provider if there is an outage to avoid an interruption of services
for customers.
"Based on the Harris survey, it is clear that financial
institutions are taking actions to solve concentration or vendor lock-in
concerns with 88% of respondents not currently using a multicloud strategy
considering doing so in the next 12 months," Adrian Poole, director for
financial services in Britain and Ireland for Google Cloud, said. -Reuters
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