Cybersecurity
Capital One Hack Shows Fed Needs to Police Cloud, Democrats Say
This article is for subscribers only.
Capital One Financial Corp.’s massive data breach shows that financial regulators should consider designating major cloud providers as “systemically important,” a pair of Democratic lawmakers said in a Thursday letter to Treasury Secretary Steven Mnuchin.
The request, made by Representatives Nydia Velazquez of New York and Katie Porter of California, could lead to Amazon Web Services, Microsoft Azure and Google Cloud getting tough oversight from the Federal Reserve and other watchdogs.