New rules needed to cover risks from cloud computing, says Bank of England

FILE PHOTO: A person walks past the Bank of England in the City of London financial district, in London, Britain, June 11, 2021. REUTERS/Henry Nicholls/File Photo

LONDON (Reuters) - New rules will be needed to deal with operational risks from banks relying on outsourced 'cloud' computing from Amazon, Google, Microsoft and others for providing services to customers, the Bank of England said on Friday.

"Regulated firms will continue to have primary responsibility for managing risks stemming from their outsourcing and third-party dependencies," the BoE's Financial Policy Committee said in a statement.