The Bank of England, along with regulators in Europe and the United States, is worried about the reliance of banks on a handful of Big Tech firms for cloud computing in increasingly critical banking services, and the impact an outage at one of them could have on financial stability.

Bank of England executive director for prudential supervision Victoria Saporta, told an event held by the Institute of International Finance that a global approach would be best.

“Our current thinking is that the most effective ... approach to managing these risks from critical third party services providers is through a combination of minimum resilience standards aimed directly at critical third parties ... coupled with resilience testing of these critical third parties", Saporta said.