The U.S. Treasury has raised concerns about Big Tech’s market share for cloud services in the banking industry.
The U.S. Treasury released a report titled The Financial Services Sector’s Adoption of Cloud Services identifying banks’ approaches towards cloud computing deployment, the challenges they face, and the potential downsides of having three cloud services providers (CSPs)—Amazon, Google, and Microsoft—dominate the market.
While recognizing the potential benefits of Big Tech’s scale—like improving interoperability between banks and their vendors—Treasury warned:
“Concentration could expose many financial services clients to physical or cyber risks, and addressing such risks may necessitate action on the part of each financial services client. The key issue for policymakers and financial authorities is in understanding the potential aggregate impacts on financial institutions’ functions and the services that financial institutions provide to consumers and businesses.”
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