Cloud Service Oversight pertains to the governance and monitoring of cloud computing services utilized by organizations, particularly within regulated financial sectors. This involves assessing risks associated with data security, operational resilience, and vendor management. Effective oversight ensures that third-party cloud providers meet necessary security and compliance standards. It is essential for maintaining control over outsourced digital infrastructure.
Context
Cloud service oversight is a significant concern for financial institutions, including those dealing with digital assets, due to the increasing reliance on external cloud providers. Regulators are focusing on the concentration risk posed by a few dominant cloud providers and the need for robust exit strategies. Maintaining data integrity and system availability remains a central challenge in this domain.
Financial entities must immediately integrate CTPP oversight into their ICT risk frameworks, as DORA shifts regulatory focus to supply chain resilience.
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