The European Cloud User Coalition
The European Cloud User Coalition (#ECUC) has just published its second position paper on compliant public cloud computing. The ECUC was founded in January 2021 by European financial institutions in order to channel their requirements into a joint position to leverage European standards for the use of public cloud services in the financial industry. Erste Group is one of 22 members of the ECUC and has been active in the coalition since its founding.
Cloud computing is fundamental for driving the digital transformation of Europe’s financial sector. The ECUC sees an opportunity to utilise public cloud solutions in this sector, as they are built on high security standards and are readily scalable and robust. At the same time, regulatory requirements are among the issues that need to be discussed in order to define standards for the safe and compliant use of public cloud services.
In its just-issued position paper, the ECUC focuses on the following areas:
- Challenges with outsourcing to cloud services and to meeting the related regulatory requirements,
- Implications of upcoming policies such as the Digital Operation Resilience Act (DORA) and of recent rulings (like European Court of Justice’s “Schrems-II” ruling),
- Considerable administrative efforts for all FI’s engaging with Cloud Service Providers on an individual basis, e.g., custom contractual agreements and cloud set-up.
You can read the ECUC’s new position paper on the coalition’s website: