Cloudsviewer
  • Home
  • Google Cloud
  • AWS Amazon
  • Azure
No Result
View All Result
  • Home
  • Google Cloud
  • AWS Amazon
  • Azure
No Result
View All Result
cloudsviewer.com
No Result
View All Result
Home Google Cloud

ECB cautions against the power of Big Tech in financial services and cloud provision

August 27, 2020
ECB cautions against the power of Big Tech in financial services and cloud provision
Share on FacebookShare on Twitter



The European Central Financial institution has bemoaned the absence of an EU challenger able to taking up the may of Massive Tech cloud suppliers from the US.

Responding to a European Fee session on digital monetary providers, the ECB states: “One necessary problem in relation to digital finance might be to reassess the dependence of European monetary service suppliers on non-EU suppliers of vital providers and technical infrastructures (e.g. the “cloud”), whereas EU-based international gamers have struggled to emerge. This might result in banks’ reliance on just a few non-EU service suppliers and attainable focus points at each entity and systemic ranges.”

The ECB has actively supported the event of an EU bank-backed push to tackle US card schemes Mastercard and Visa, nevertheless it holds little sway within the area of cloud-based providers as extra banks transfer vital functions to the likes of Amazon Net Providers, Microsoft Azure and Google Cloud.

Equally, the arrival of Massive tech corporations in monetary providers is prompting a rethink of supervisory oversight primarily based across the mantra “similar exercise, similar dangers, similar supervision and regulation”.

The ECB believes that Massive techs have the potential to shortly acquire a major market share, which it says might result in vital focus dangers and, within the occasion of operational failures and focused cyberattacks, might have a systemic affect on the monetary system as an entire, thus growing monetary stability dangers

States the central financial institution: “The prospect of expertise corporations growing their footprint within the monetary providers sector and utilizing more and more refined methods to supply these providers might warrant the necessity to lengthen the regulatory perimeter and to discover the opportunity of complementing the present entity-based regime with an activity-based strategy .”

Different areas required enhanced consideration embody the rising use of synthetic intelligence and distributed ledger applied sciences, and environmental sustainability points referring to elevated energy consumption in a digital market.

“Within the ECB’s view, the shortage of AI specialists available on the market has led to a reliance on third events and associated co-sourcing and outsourcing dangers, as has occurred with cybersecurity specialists,” the establishment states. “As well as, specialised coaching in relation to AI methods and information labelling requires a usually vital effort, in addition to the supply of scarce specialised supervisory assets

On sustainability, the ECB says it could endorse the event of a monitoring and reporting framework at international stage regarding monetary entities’ environmental footprint, together with their provide chain



Source link

Guest

Guest

Next Post
Microsoft Updates Windows Terminal and Azure CLI Tools — Redmondmag.com

Microsoft Updates Windows Terminal and Azure CLI Tools -- Redmondmag.com

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Five Behaviors for Digital Diffusion in EMEA

Security keys and zero trust

February 9, 2021
Global AR WYSIWYG Editor Software Market Research Analysis of COVID 19

Global AR WYSIWYG Editor Software Market Research Analysis of COVID 19

August 20, 2020

Trending.

New – Additional Checksum Algorithms for Amazon S3

New – Additional Checksum Algorithms for Amazon S3

February 27, 2022
New for App Runner – VPC Support

New for App Runner – VPC Support

February 9, 2022
How to Accelerate Performance and Availability of Multi-region Applications with Amazon S3 Multi-Region Access Points

How to Accelerate Performance and Availability of Multi-region Applications with Amazon S3 Multi-Region Access Points

September 21, 2021
A cloud services cheat sheet for AWS, Azure and Google Cloud

A cloud services cheat sheet for AWS, Azure and Google Cloud

October 10, 2020
Demonstrate your AWS Cloud Storage knowledge and skills with new digital badges!

Demonstrate your AWS Cloud Storage knowledge and skills with new digital badges!

February 5, 2022
  • Advertise
  • Privacy & Policy

© 2022 Cloudsviewer - Cloud computing news. Quick and easy.

No Result
View All Result
  • Home

© 2022 Cloudsviewer - Cloud computing news. Quick and easy.