The deputy chief govt of the Monetary Conduct Authority (FCA) Sarah Pritchard has mentioned she wish to “strengthen” regulation on the tech service suppliers of the UK finance business.
Chatting with The Guardian, Pritchard, who was given the place earlier this 12 months, mentioned the watchdog is “prepared” to oversee the function of internet providers corporations like Amazon and Google relating to their function in propping up UK finance.
Pritchard mentioned there have been “very frequent reminders” of the significance of “good, sturdy operational resilience and cyber controls” in banking.
Final month, a high-profile outage at AWS noticed 1000’s of companies disrupted, with the banking and finance sector hit exhausting. Corporations together with Clever, Halifax, Lloyds and the London Inventory Change had been affected.
The aftermath of the outage noticed many level out how weak large chunks of significant sectors are as a result of their reliance on a small variety of main digital service suppliers.
Pritchard mentioned in response to being questioned concerning the lack of robust regulatory oversight for this class of corporations: “We wish to see the system strengthen and we stand able to supervise collectively with the PRA and the Financial institution of England when there’s a designation that’s made.”
Learn extra: UK monetary regulator to deal with cyber defence
