Why the Bank of England has it head in the cloud over data security

Rapid digitalisation of banking services and increasing reliance on just three tech giants has made the Bank uneasy

The Bank of England is at risk of moving too slow, according to experts, who say it needs to get a grip on the financial sector's plans to outsource customer data storage to a handful of unregulated US tech giants.

Last week, the central bank raised fresh concerns about the use of cloud services, where data is held on remote servers run by another company. It said the fact the services were dominated by just a few companies - such as Google, Amazon and Microsoft - posed a potential threat to financial stability.