Amazon, Google, TCS Among Tech Giants Named 'Critical' by EU for Financial Sector

European Union regulators have taken a landmark step by classifying 19 global technology companies as “critical third-party computing providers” to the financial services industry. The move falls under the Digital Operational Resilience Act (DORA), which came into force in January 2025, enabling the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority (ESMA) to directly regulate these providers. 

Key Development: Designation of Major Tech Firms 

Among th arms of Amazon Web Services (AWS), Google Cloud, e companies named in the designation are the European Microsoft Corporation, IBM, Tata Consultancy Services (TCS) and the London Stock Exchange Group (LSEG).  

The regulators stated the action is intended to mitigate systemic risks from technology providers whose services are widely used across banks, insurers and asset managers. The firms will now face enhanced oversight including governance requirements and stress-testing of services. 

Strategic Significance for the Designated Firms 

For Indian companies like TCS, this designation opens new avenues for deeper engagement with EU financial institutions under regulated frameworks. For global cloud and IT giants such as Amazon and Google, the status reflects their integral role in critical infrastructure for numerous banks and financial services firms amid rising cyber, geopolitical and tech-supply-chain risks. 

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Conclusion 

The EU’s decision to label major tech providers as critical to its finance sector under DORA marks a significant evolution in regulatory oversight of third-party technology services. For Amazon, Google and TCS, the designation not only underscores their importance within financial ecosystems but also brings additional responsibilities and compliance obligations.  

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