Concentrated IT market poses systemic risks, Dutch say
AFM and DNB urge Europe’s financial sector to diversify digital service providers
European financial firms are too reliant on a “limited number” of non-European IT service providers, the Netherlands Bank (DNB) and the Dutch Authority for the Financial Markets (AFM) said on October 20.
The two bodies published their warning the same day that an outage of Amazon Web Services disrupted IT systems worldwide.
DNB and the AFM said institutions are “increasingly outsourcing critical IT functions, including cloud services, software solutions and AI models, to non-European IT providers”
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