Feb. 8, 2023, 3:44 PM
Financial-services firms face risks that haven’t been fully recognized as they increase their reliance on the cloud, including industry concentration among a small group of service providers, the US Treasury Department said.
“These challenges, if unaddressed, may detract from the potential benefits associated with cloud services,” the agency said in a report. Some of the challenges “may also be more acute for small and medium-sized financial institutions.”
The Treasury Department said it’s forming a cloud-services steering group to promote coordination and collaboration among US financial regulators who deal with the issue. Concern about the stability and security of financial …
