EBA - Consultation on recommendations on outsourcing to cloud service providers

EBA launched a consultation setting out its guidance for the use of cloud service providers by financial institutions. The EBA Recommendations intend to clarify the EU-wide supervisory expectations if institutions intend to adopt cloud computing, so as to allow them to leverage the benefits of using cloud services, while ensuring that any related risks are adequately identified and managed.
The Recommendations address five key areas: the security of data and systems, the location of data and data processing, access and audit rights, chain outsourcing, and contingency plans and exit strategies.
The Recommendations are addressed to credit institutions, investment firms and competent authorities.
The consultation runs until 18 August 2017.