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AMAZON.COM, INC.

(AMZN)
  Report
Delayed Nasdaq  -  04:00:00 2023-01-27 pm EST
102.24 USD   +3.04%
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Banks in EU face tougher rules on using cloud computing giants

11/28/2022 | 09:52am EST
FILE PHOTO: The financial district with Germany's Deutsche Bank and Commerzbank is pictured in Frankfurt

LONDON (Reuters) - Financial firms in the European Union will have to show how quickly they could recover from a cyber attack as they rely more for key services on 'cloud computing' giants such as Amazon, Microsoft, Google and IBM, the EU said on Monday.

Regulators worry about the speed and scale at which banks, insurers and investment firms are moving critical functions and market operations onto a handful of cloud platforms.

A glitch at one cloud company could potentially bring down services across many financial firms, regulators have said.

The EU Council, which represents the 27 member states, said it has completed the bloc's final approval stage for the new Digital Operational Resilience Act, known as DORA.

Banks and other financial firms already have plans for IT security but more was needed so they stay resilient through a severe disruption, said Zbynek Stanjura, finance minister for the Czech Republic, which holds the EU presidency.

"Thanks to the harmonised legal requirements which we adopted today, our financial sector will be better able to continue to function at all times," Stanjura said.

The requirements will apply to financial firms and "critical" third parties supplying cloud based services.

"If a large-scale attack on the European financial sector is launched, we will be prepared for it," Stanjura said.

The bloc's securities, insurance and banking watchdogs will write technical rules to implement the new law.

The European Parliament, which had joint say, has already given the green light and the law will come into force around the end of 2024.

Britain, no longer in the EU, said in June its regulators will be given powers to designate which outsourced services can come under direct supervision of the Bank of England and Financial Conduct Authority.

(Reporting by Huw Jones; Editing by Alexander Smith)

By Huw Jones


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.90% 99.37 Delayed Quote.10.53%
AMAZON.COM, INC. 3.04% 102.24 Delayed Quote.21.71%
MICROSOFT CORPORATION 0.06% 248.16 Delayed Quote.3.48%
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD 3.09% 27.79 Delayed Quote.14.67%
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Analyst Recommendations on AMAZON.COM, INC.
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Financials (USD)
Sales 2022 510 B - -
Net income 2022 -1 085 M - -
Net cash 2022 19 711 M - -
P/E ratio 2022 -941x
Yield 2022 -
Capitalization 1 043 B 1 043 B -
EV / Sales 2022 2,00x
EV / Sales 2023 1,81x
Nbr of Employees 1 608 000
Free-Float 85,8%
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Mean consensus BUY
Number of Analysts 53
Last Close Price 102,24 $
Average target price 136,36 $
Spread / Average Target 33,4%
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Managers and Directors
Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Jonathan Jake Rubinstein Lead Independent Director
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