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The growing importance of cloud services as a driver of innovation and the increasing interest for the use of cloud outsourcing solutions within the banking industry have prompted the European Banking Authority (EBA) to develop these Recommendations on its own initiative. This guidance, which builds on the existing Guidelines on outsourcing developed by the Committee of European Banking Supervisors (CEBS), provides additional clarity on cloud computing.
In particular, 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 EBA, in its follow-up work, will explore the possible applicability of the provisions laid down in these Recommendations to other types of regulated entities.
Comments to this consultation can be sent to the EBA by 18 08 2017. A public hearing will take place at the EBA premises on 20 06 2017 from 10.30 to 12.30 UK time.