Bank of England to Regulate Tech Giants Including Amazon, Google

The Bank of England will assume regulatory powers over critical third-party technology providers, including Amazon and Google, beginning next week. This move aims to enhance the resilience of the UK's financial sector against cyber threats and system failures that could impact millions of consumers and businesses.

Starting Monday, the Bank of England, in conjunction with the Financial Conduct Authority (FCA), will oversee four major cloud and technology service providers to financial institutions. The objective is to ensure these companies maintain robust cyber defenses and actively mitigate the risks associated with cyber-attacks and significant service outages. This regulatory expansion is a direct response to growing concerns about the potential for widespread disruption within the financial system.

The new powers grant the Bank of England direct oversight, enabling it to enforce stringent standards for cyber resilience. This proactive approach is designed to safeguard the stability of the UK economy by ensuring that essential technology infrastructure supporting financial services is secure and reliable. The regulation will focus on critical providers whose services are indispensable to the functioning of the financial markets and the delivery of banking services across the nation.