May 18, 2017
The EBA has launched a consultation on its guidance for the use of cloud service providers by financial institutions. The Recommendations are intended to clarify the EU-wide supervisory expectations if institutions intend to adopt cloud computing, to ensure any related risks are adequately identified and managed.
The Recommendations address five key areas:
- The security of data and systems
- The location of data and data processing
- Access and audit rights
- Chain outsourcing
- Contingency plans and exit strategies
For further details, please see full press release here.