Big Tech cloud services could face resilience test, says Bank of England

FILE PHOTO: UK flag, Google and Amazon logos are seen displayed through magnifier in this illustration picture taken on June 25, 2021. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - Amazon, Google and other tech companies providing cloud computing to banks in Britain may have to comply with minimum resilience standards and testing, a senior Bank of England official said on Monday.

The BoE, along with regulators in Europe and the United States, is worried about the reliance of banks on a handful of Big Tech firms for cloud computing in increasingly critical banking services, and the impact an outage at one of them could have on financial stability.