EBA is consulting on regulatory expectations when firms outsource to the cloud. It wants to identify a set of key principles that all credit institutions and investment firms should follow, and which all regulators should apply. The paper focuses on five key areas for recommendation:
- 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.
Consultation closes on 18 August.