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Cloud computing

Cloudflare disruption hit SoFi, Varo, other banks

Cloud computing, Cloud hosting, Cyber security, Digital banking, Fintech, Technology, Treasury Department /

Supporting data: Cloudflare dominates the “internet plumbing” sector with an estimated 82% market share for reverse proxy services, meaning a single glitch can ripple through global commerce. What’s at stake: The disruption reignites concerns detailed by the Treasury Department regarding the financial sector’s dangerous over-reliance on a small concentration of cloud service providers. Forward look: […]

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Navy Federal, Truist, Chime among victims of AWS outage

Amazon Web Services, Cloud computing, Fintech, Technology /

Key insight: A failure in an AWS internal subsystem in its northern Virginia region caused widespread errors and latencies across the internet on Monday. What’s at stake: The outage disrupted services at banks and fintechs like Navy Federal, Truist and Chime, reminding the sector of its concentration risk. Expert quote: “When AWS sneezes, half the

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