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Europe's financial regulators query Google over cloud outage that hit banks
Yahoo Finance • • business
Key Points:
- A Google Cloud outage in London caused several hours of disruption to key financial services across Europe, affecting major banks such as Revolut, Lloyds, and HSBC.
- The European Banking Authority (EBA) is investigating the incident to understand its impact on EU financial entities and has been in contact with Google Cloud for more information.
- The outage serves as a significant test of new EU and UK regulations aimed at increasing the resilience of critical third-party technology providers in the financial sector.
- UK regulators, including the Financial Conduct Authority and the Bank of England, are reviewing the incident, with the Treasury Committee requesting details on the scale and financial impact of the disruption.
- Despite the outage, Revolut confirmed that customer funds and data remained secure and is evaluating measures to minimize future third-party service disruptions.
