Bank of France: "Financial sector's dependence on cloud and AI requires securing data control"

The Bank of France (Banque de France) urged financial institutions on October 15 to audit their dependence on cloud and AI vendors and secure control over core data and systems, with First Deputy Governor Denis Beau telling a Paris seminar hosted by Association Europe-Finances-Régulations that controlling data, infrastructure and the capacity to operate them is the principle of digital sovereignty, a principle embedded in the central bank's 2028 strategic roadmap. Beau acknowledged that large cloud and AI providers offer high performance and security capabilities, but argued firms must pursue technology adoption and security together while reducing the risks of delegating operations to a single vendor. The push matters because it signals that euro-area supervisors under the ACPR, which Beau also heads as delegated chair, may scrutinize operational concentration and exit strategies at banks and insurers alongside existing outsourcing rules. Watch for follow-up guidance or supervisory expectations from the ACPR and the Bank of France on vendor concentration, data portability and AI governance as the 2028 roadmap is implemented.