Regulatory Alerts2018-11-13
Bank of Israel Circular C-06-2579: Amendments to Cloud Computing Directive
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 362 to exempt banking corporations from the requirement to obtain prior regulatory permits for using cloud computing technology. The updated framework shifts the focus to risk management, requiring boards to approve material cloud computing implementations and mandating annual reporting of current and planned usage to the Banking Supervision Department. Additionally, the amendments introduce stricter contractual obligations for providers of material cloud services, including provisions for provider examinations and regulatory access.
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