Banks still in the shade when it comes to cloud

An expert in financial services and technology law has raised concerns that banks are unclear on the steps they must take to ensure regulatory compliance when they adopt cloud-based services, despite EU guidance on the matter. EU authorities have been asking to see cloud contracts. The areas they’re most particularly interested in are how banks will continue to serve their customers if cloud services fail and whether banks can move data from cloud-based servers back to their own databases.

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