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Thank you for posting Ted Dziekanowski, this is an important read. It pulls many strings together for the regulation, oversight and assurance of Financial Services(FS) Sector and their use of the cloud. Giving the systemic importance of cloud across FS and the role that Financial Institutions, Financial Infrastructure providers and ICT services providers play in the resilience of the financial system. One suspects that it draws a line by the Department of Treasury for Financial Services regulation of cloud services and cloud service providers.
With the increased focus by regulators on cybersecurity risk management regulation, the report makes important observations about the need for cybersecurity risk management oversight and assurance. The report recognizes the need for international policy development and the harmonisation of regulatory frameworks to secure cloud services and the role of regulation such as EU DORA and moves by the UK to consider a framework of regulatory standards for third party services providers. It acknowledged the shared responsibility model and its importance for the management of cybersecurity between Cloud Vendors and Financial Institutions.
With regulators moving to address cybersecurity risk management and resilience, one expects reports such as this to set the foundations for further regulatory oversight and assurance of the FS industry.
#cybersecurity #cloudsecurity #shareresponsbilitymodel #financialservices
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