Attention Economy


Wednesday, December 4, 2024

Big Tech and Finance

Beware the march of big tech into financial services
https://www.telegraph.co.uk/business/2024/12/03/beware-the-march-of-big-tech-into-financial-services/
Jeremy Warner:
Big tech has also been increasingly significant in the provision of technical services to banks, insurers and other financial institutions, in particular cloud computing.
As reported in a recent paper by the Banque de France’s Prudential Control and Resolution Authority, many traditional financial players have gradually migrated their IT systems and infrastructure to these new solutions as a way to lower their costs, improve agility and user experience and strengthen their own IT security.
This of itself is a potential threat to wider financial stability; imagine the havoc if servers were widely hacked with a virus that caused records to be lost or destroyed. With the payments system incapacitated, nobody would know who owned what.