EU Names Amazon, Google and Microsoft as ‘Critical’ Tech Providers for Financial Sector
EU regulators classify major cloud and technology firms as critical service providers, aiming to strengthen cybersecurity and operational stability across Europe’s financial industry.
European regulators have formally designated 19 global technology companies as critical to the region’s financial system.
The decision places tech giants such as Amazon Web Services, Google Cloud and Microsoft under direct EU-level oversight.
The classification falls under the Digital Operational Resilience Act (DORA), a framework introduced to improve the stability of digital systems used by financial institutions.
DORA began applying across the bloc earlier this year, granting regulators power to supervise major cloud and tech providers.
Officials said the move reflects the financial sector’s growing dependence on large external technology companies.
Banks and insurers increasingly rely on cloud computing for essential operations, payments processing and customer services.
Regulators have warned that an outage at a major cloud provider could disrupt financial systems across multiple countries simultaneously.
The designation was jointly issued by three EU bodies — the European Banking Authority, the European Insurance and Occupational Pensions Authority and ESMA.
Their list includes the European operations of AWS, Google Cloud, Microsoft, as well as Bloomberg, IBM, the London Stock Exchange Group, Orange and Tata Consultancy Services.
Officials said the named companies will now be assessed for their risk management systems, cybersecurity frameworks and governance structures.
They will also face stress testing and operational checks designed to ensure continuity in case of disruptions.
Regulators emphasized that the goal is strengthening resilience, not restricting companies or altering commercial competition in the tech sector.
Some companies welcomed the designation,saying it supports stronger alignment with Europe’s evolving digital rules.
Amazon Web Services stated it has been preparing for this process, and will continue working with authorities to meet upcoming requirements.
Google Cloud also acknowledged the designation, pointing to its ongoing efforts to meet European regulatory standards.
Microsoft said it remains committed to compliance with cybersecurity and digital resilience rules across all EU member states.
European officials have expressed rising concern about systemic risks as the region’s financial system becomes more interconnected and tech-dependent.
This year, the European Central Bank highlighted geopolitical uncertainty and technological disruptions as major challenges for the banking sector.
Policymakers say a coordinated digital resilience framework is necessary to reduce vulnerabilities across Europe’s financial infrastructure.
The EU’s approach mirrors similar efforts in the United Kingdom, which has already outlined its own regulatory structure for critical tech providers.
Although no companies have yet been named under the UK regime, officials expect the first designations by next year.
EU regulators say their priority is preventing single points of failure and ensuring that major service providers can withstand cyberattacks or widespread outages.
Industry analysts note that the designations reflect the growing importance of cloud platforms in shaping the future of European financial services.
As digital transformation accelerates, regulators are aiming to create a stable framework that protects consumers, banks and markets alike.
The latest measures signal a broader shift in global financial regulation, where technology providers are increasingly viewed as essential infrastructure partners.
By expanding oversight, the EU aims to build a more reliable digital environment that can support long-term growth and maintain trust in critical financial systems.
