EBF response to EBA draft recommendations on outsourcing to cloud service providers

19 August 2017

EBF supports the additional guidance to the existing CEBS Guidelines. EBF supports the efforts made by the EBA to provide additional guidance to the existing guidelines of the CEBS with the aim of fostering supervisory convergence regarding the current expectations and processes for the use of outsourced cloud computing in financial services (FS).

In the official response these other key messages were highlighted:

• However, the draft recommendations remain too high-level and could leave room to multiple interpretations at national level.
• The European banking Federation (EBF) is additionally concerned that the draft EBA recommendations, as they currently stand, may not be sufficient to have a positive impact on cloud adoption within financial services in Europe.
• EBA’s objective should be to reach a point where notification on a case-by-case basis is not required at either EU or national level.
• It is important to continuously assess and update the EU outsourcing regulation to ensure it is adapted to the technology-enabled world.
• Cloud Service Providers should be certified based on recognised international standards.
• The development of high-level principles by the industry should be favoured.
• Further consideration should be given to the GDPR to be implemented by May 2018.
• The EBA recommendations should explicitly mention the underlying risk driver.

Full response

© EBF