Cloud computing leaves banks exposed to risks, EU regulators say

FILE PHOTO: Canary Wharf and the city are seen at sunset in London, December 14, 2016. REUTERS/Eddie Keogh/File Photo

The finance industry’s dependence on a handful of large cloud computing companies to store key data is an emerging threat to financial stability, requiring new legislation to guard against vulnerabilities, according to three top European financial regulators.

The European Union watchdogs said in a report on April 10 that the finance industry relies heavily on third parties and that their concerns are “especially acute with regard to cloud services”.