Cloud Service Regulation refers to the legal and policy frameworks governing the provision and consumption of cloud computing services. These regulations address aspects such as data privacy, data security, operational resilience, and cross-border data transfers. They aim to ensure accountability and protect users of cloud infrastructure. Compliance is essential for service providers and their clients.
Context
The increasing reliance of financial institutions and digital asset platforms on cloud services highlights the critical need for robust cloud service regulation. A key discussion point involves balancing innovation with the necessity for stringent security and data protection measures. Future developments will likely focus on harmonizing international standards to manage the systemic risks associated with concentrated cloud service provision in the global digital economy.
Financial entities must immediately update third-party risk management frameworks to comply with DORA's heightened oversight for designated critical ICT providers.
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