The European Commission is going after cloud computing, the online data storage business dominated by big American companies. A draft bill seeks to address concerns about dependence on a small group of providers: chiefly Amazon Web Services, Google Cloud, IBM Cloud and Microsoft Azure.
The bill creates an oversight system designed “to preserving the Union’s financial system stability,”. Along with “monitoring of operational risks which may arise as a result of the financial system’s reliance on critical [outsourced services. It includes unrestricted rights to access and process all information deemed relevant, and also the “right to conduct audits and inspections,” and to issue “mandatory instructions.”.
In this package there are also measures to help digitalize the financial sector and modernize the EU’s rulebook for the online market. These include initiatives to harmonize companies’ online defences and regulate digital financial assets. The package also includes policy strategies on retail payments and capital markets.
Read more about this: https://www.politico.eu/article/eu-cloud-new-front-with-us-tech-giants/?