UK Financial Regulators monitoring Cloud Providers Closely

Cloud Security News this week 12 Jan 2022

• UK’s financial regulators - The Prudential Regulation Authority is looking to increase it’s monitoring of Cloud providers like AWS, Azure and Google Cloud. According to Financial times, they are looking to gain more access to data from these cloud providers because the impact outages and cyberattacks have on British Banks. They are looking at implementing more robust outages and disaster recovery tests given the increasing reliance UK banks have on a handful of cloud providers. A lot of major British banks have partnerships with cloud providers “AWS has announced deals with Barclays and HSBC, while Lloyd Banking Group holds partnerships with Google Cloud and Microsoft Azure.”. There is an increasing concerns about the impacts on the banks should these cloud providers experience outages. You can view the financial times article here
• Speaking of regulators and how they are dealing with cloud providers, a few weeks ago in December Chinese regulators have “suspended an information-sharing partnership with Alibaba Cloud Computing” over concerns that it failed to promptly report and address a cybersecurity vulnerability. According to 21st Century Business Herald, citing a recent notice by the Ministry of Industry and Information Technology “Alibaba Cloud did not immediately report vulnerabilities in the popular, open-source logging framework Apache Log4j2 to China's telecommunications regulator”.This comes after, according to Reuters “The Chinese government has asked state-owned companies to migrate their data from private operators such as Alibaba and Tencent to a state-backed cloud system by next year.” From what we understand, there is no statement from Alibaba Cloud on this yet. You can read more about this here.
• Gartner's Report can be found here.
• Redhat's Report can be found here.

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