Banks in EU face tougher rules on using cloud computing giants

LONDON: Financial firms in the European Union will have to show how quickly they could recover from a cyber attack as they rely more for key services on ‘cloud computing’ giants such as Amazon, Microsoft, Google and IBM, the EU said on Monday.

Regulators worry about the speed and scale at which banks, insurers and investment firms are moving critical functions and market operations onto a handful of cloud platforms.