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- Amazon (AMZN), Microsoft (NASDAQ:MSFT), Google (GOOG)(GOOGL), IBM (IBM), Oracle (ORCL) and other U.S. tech firms stand to benefit from a recent change to the European Union’s latest draft for cybersecurity certification, according to a report by Reuters.
- The latest draft of the cybersecurity certification scheme removed a requirement that cloud service companies should be independent from non-EU laws, the report finds.
- As cloud service providers are finding big contracts with governments, the EU had concerns over foreign surveillance as well as U.S. companies dominating the market. In response, an earlier draft required U.S. companies to set up a joint venture with an EU-based company prior to providing cloud services, the report reads.
- This led to a lot of pushback from European banks and insurance companies. The latest draft simply requires cloud providers to document the location and processing of customer data.
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