EBA consultation on the use of cloud services for financial institutions

The European Banking Authority (EBA) runs a consultation (from 18 May to 18 August) on the use of cloud services for financial institutions. The EBA guidance on which input is sought focuses on five areas: the security of data and systems, the location of data and data processing, access and audit rights, chain outsourcing, and contingency plans and exit strategies. The Recommendations – intended for credit institutions, investment firms and competent authorities –  builds on existing Guidelines on outsourcing developed by the Committee of European Banking Supervisors (CEBS).