The European Banking Authority (EBA) has launched a public consultation on a set of draft Recommendations on the use of cloud service providers by financial institutions.
The Recommendations are aimed at clarifying the EU-wise supervisory expectations if institutions intend to adopt cloud computing, so as to allow them to leverage the benefits of using cloud services, while ensuring that any related risks are adequately identified and managed. They cover five areas: the security of data and systems, the location of data and data processing, access and audit rights, cloud outsourcing, and contingency plans and exit strategies.
The Recommendations are addressed to credit institutions, investment firms, and competent authorities.
For more details, and to contribute to the consultation, visit the dedicated webpage.