The Register: Bank of England expands data and cloud framework by £26.7 million after revising data strategy

Jun 25, 2025

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Source URL: https://www.theregister.com/2025/06/25/bank_of_england_expands_data/
Source: The Register
Title: Bank of England expands data and cloud framework by £26.7 million after revising data strategy

Feedly Summary: Dependent on SAP and Oracle, UK central bank wants to modernize in the cloud, refresh data strategy
The UK central bank is expecting a 45 percent hike in the maximum cost of support services as it moves to the cloud and executes a revised data and analytics plan.…

AI Summary and Description: Yes

Summary: The UK central bank’s initiative to modernize its operations by transitioning to cloud services and restructuring its data strategy underscores a significant trend in governmental institutions seeking to enhance efficiency and security through cloud computing. This development presents implications for compliance, governance, and data security, especially as it pertains to managing dependencies on major software providers like SAP and Oracle.

Detailed Description: The text discusses the UK central bank’s strategy to embrace cloud computing and enhance its data management approach. This move reflects a broader shift in how institutions handle data, security, and compliance in an increasingly digital landscape.

– **Cloud Migration**: The central bank is adopting cloud services to modernize its capabilities, which is a key trend in the financial sector.
– **Cost Implications**: The expected 45% increase in maximum support service costs highlights the financial challenges associated with cloud transitions, necessitating careful budgeting and financial oversight.
– **Data and Analytics**: The revised data strategy indicates an emphasis on improving data analytics capabilities, which are essential for informed decision-making and regulatory compliance.
– **Vendor Dependencies**: The reliance on major vendors like SAP and Oracle raises concerns about vendor lock-in, data sovereignty, and compliance with regulations, especially in the context of financial services.

This modernization effort will likely lead to heightened discussions around:

– **Governance and Compliance**: Ensuring adherence to strict financial regulations and data protection laws while leveraging cloud resources.
– **Security Measures**: Implementing robust security protocols to protect sensitive financial data as it transitions to cloud environments.
– **Operational Efficiency**: The move aims to improve operational workflows and overall institutional agility through modern technological infrastructures.

This initiative is indicative of the broader challenges and opportunities that organizations face when transitioning to cloud-based solutions, particularly in securing and managing sensitive data amidst evolving regulatory landscapes.

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