Across the globe, cloud concentration risk is coming under greater scrutiny. The UK HM Treasury department recently issued a policy paper “Critical Third Parties to the Finance Sector.” The paper is a proposal to enable oversight of third parties providing critical services to the UK financial system. The proposal would grant authority to classify a third party as “critical” to the financial stability and welfare of the UK financial system, and then provide governance in order to minimize the potential systemic risk. The financial regulators (HM Treasury in coordination with the Bank of Englan…