Cloud concentration risk II: What has changed in the past two years?

The financial services industry will be transformed by cloud computing in five years. This seismic change will drive new innovations but concurrently introduce new types of risks that need to be addressed by regulators, the financial services industry and technology innovators. More regulators have begun to explore the topic of cloud concentration risk and are evaluating the potential operational and financial stability risks from the industry’s accelerating movement to the cloud. This whitepaper focuses on how global regulators are evaluating cloud related risks and how they might deal with these potential risks in the future, specifically the need to tackle the financial stability risks associated with cloud concentration risk.