The UK government officially designated Oracle as a critical third party for the financial sector. This move places Oracle’s cloud services under direct supervision by the Bank of England and other financial regulators. Amazon, Google, and Microsoft also received this designation.
The new oversight framework requires Oracle to undergo resilience testing and provide incident reporting. These measures aim to strengthen the stability of banks and financial institutions that rely on cloud platforms.
The designation takes effect on July 13. Regulators intend to mitigate risks of widespread disruption from technology outages or cyber-attacks. This shift may increase compliance costs and alter operational procedures for cloud providers in the UK.