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A new threat to financial stability lurks in the cloud
Regulators are getting nervous about the risks emanating from data storage and processing platforms dominated by a handful of big companies.
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Regulators are getting nervous about the systemic financial risks emanating from the cloud.
PHOTO ILLUSTRATION: PIXABAY
Gillian Tett
Three weeks ago, the United States Treasury announced the launch of a new oversight committee called the Cloud Executive Steering Group.
It received almost no public attention. No wonder: Compared with the explosive controversies around cryptocurrencies, ChatGPT or Europe’s new drive to break up Google’s dominance of adtech, cloud computing – the public and private data storage and processing platforms run by Big Tech vendors – sounds achingly dull. So much so, that most Americans view Amazon as “just” an online retail giant, even though its cloud division now generates significant revenues.
