ECB monitoring banks’ move to the cloud

FRANKFURT: The European Central Bank (ECB) is keeping a close watch on lenders’ increasing adoption of cloud computing technology, according to an official at the euro area’s top banking supervisor.

“Outsourcing isn’t a bad word for us, but neither we nor banks can always easily monitor those activities,” said Francois-Louis Michaud, a deputy director general at the ECB who is reviewing banks’ use of the cloud.