Elizabeth Warrens move on Amazon over Capital One hack is a warning shot to cloud providers
Summary
Now the theory will be tested in public view as Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., has asked the Federal Trade Commission to explore Amazons role in a recent security breach that happened at Capital One. Amazon told the New York Times shortly after the incident that its customers fully controlled the applications they built and that it had no evidence its services were compromised. Banks build very complex infrastructure and vast information databases on the servers they rent from the providers, and because of a complicated global mix of privacy and cybersecurity rules, they want the fewest outsiders possible to have access to it. But regulators across the western world, not just in the United States, have been growing increasingly concerned about how a cloud security breach could impact the financial sector. In August, Representatives Nydia Velazquez, D-NY, and Katie Porter, D-Calif., suggested just that, writing a letter calling on the Financial Stability Oversight Council (FSOC) "to consider designating Amazon Web Services, Microsoft Azure and Google Cloud as SIFMUs under the Title VIII of the Dodd-Frank Act.