Banking in the cloud: Part 3 – contractual issues

Abstract

This paper looks at EU banks' use of public cloud computing services. It is based primarily on anonymised interviews with banks, cloud providers, advisers, and financial services regulators. The findings are presented in three parts. Part 1 of this paper explored the extent to which banks operating in the EU, including global banks, use public cloud computing services. Part 2 of this paper covered the main legal and regulatory issues that may affect banks' use of cloud services.Part 3 looks at the key contractual issues that arise in negotiations between banks and cloud service providers, including data protection requirements, complexities caused by the layering of cloud services, termination, service changes, and liability. It also presents the overall conclusion derived from the studies conducted, as set out in the three parts of the paper.All three parts of the paper can be accessed via Computer Law and Security Review's page on ScienceDirect at: http://www.sciencedirect.com/science/journal/02673649?sdc=2. The full list of sources is available via the same link and will be printed at the end of this part of the article.