Companies like Amazon and Microsoft that offer cloud computing services are becoming systemically important pillars of the financial system. Does that mean they should undergo the kind of regulatory scrutiny that banks receive? The Bank of England (BOE), which includes the Prudential Regulation Authority (PRA), doesn’t do formal on-site examinations of cloud computing providers, according to a response from the central bank to a Freedom of Information Act (FOIA) request from Quartz. Read More...
The Bank of England has never inspected a cloud provider like Amazon—but maybe it should
Companies like Amazon and Microsoft that offer cloud computing services are becoming systemically important pillars of the financial system. Does that mean they should undergo the kind of regulatory scrutiny that banks receive? The Bank of England (BOE), which includes the Prudential Regulation Authority (PRA), doesn’t do formal on-site examinations of cloud computing providers, according to a response from the central bank to a Freedom of Information Act (FOIA) request from Quartz.
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