GBIC comments on the ECB Guide on outsourcing cloud services

The German Banking Industry Committee has published a comment on the draft of a European Central Bank Guide on outsourcing cloud services to cloud service providers. The Guide presents detailed supervisory expectations for significant institutions that are part of the Single Supervisory Mechanism (SSM). DORA and the complementary ESA regulatory standards lay out comprehensive requirements, including for cloud outsourcing. In light of this, it is essential that the additional requirements contained in the ECB Guide be implemented in a proportional manner that takes risk-orientation into account.