European Union regulators have designated 19 technology companies, including Amazon Web Services, Google Cloud, and Microsoft, as critical third-party computing providers for the bloc’s finance industry. The move is part of the EU’s Digital Operational Resilience Act, aimed at protecting the financial sector from risks associated with reliance on external technology providers.

The European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority named companies like Amazon Web Services, Google Cloud, IBM, Microsoft, and others as critical providers. Regulators will assess these companies’ risk management and governance frameworks to ensure service resilience.

Companies like LSEG and Google Cloud welcomed the designation, while Microsoft and Amazon Web Services committed to complying with Europe’s cybersecurity and resilience laws. Bloomberg, IBM, Orange, and Tata did not immediately comment on the designation. European officials are concerned about the finance industry’s resilience amid geopolitical tensions and technological disruptions.

The UK has a similar regime, with no firms named yet. Regulators are advising the finance ministry on candidates, expecting designations by next year. The European Central Bank cited geopolitical tensions and technological disruptions as risks facing Europe’s banking sector.

Read more at Yahoo Finance: Amazon, Google named by EU among ‘critical’ tech providers for finance industry