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How could regulators address financial firms’ dependency on cloud and other critical IT services providers?

At this event Dirk Clausmeier, Head of IT security at the German Ministry of Finance discussed financial institutions use of cloud service providers.

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Financial firms, including banks and other regulated institutions and infrastructures, are increasingly outsourcing infrastructures, e.g. by using cloud services from “big tech” vendors, sometimes for some of their most critical functions. This generates new kinds of operational risks, including at a system-wide level. We will debate the ongoing and prospective financial sector policy responses with the German Federal Finance Ministry’s head of IT security.

This was an invitation-only event, open only to Bruegel members and a small number of selected invitees.