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I don't see that this risk is any different than a similar apocolyptic failure happening to your on-prem equipment. There's not much you can do about it differe

I don't see that this risk is any different than a similar apocolyptic failure happening to your on-prem equipment. There's not much you can do about it differently than the cloud just add some extra controls and hope for the best. I very much doubt that anyone would not use the cloud because of a theoretical de-isolation bug. Also, by the time you found out, it would probably already be too late anyway if you were a victim. If not, you just switch it off.

asaikali 5y ago
I am not saying that they should not use cloud just that it is important to have a plan in place to deal with a unlikely but high impact security event affecting a cloud provider. Just like companies have business continuity plans in case a data center disaster they need to have plans for evacuate a cloud provider should they need too. I put on my seat belt when I drive on the highways even though a nasty crash at 120 kph would likely kill me. Not using a seat belt because you will be severely injured anyway is not wise. Given the amount of profit banks make what is the Downside of having them be resilient against public cloud failures?