Concentration Risk: What to Do When You Cannot Diversify
European supervisors published their first sector-wide incident report in June 2026, covering more than three thousand major ICT incidents across financial services during 2025. Twenty-nine percent originated with a third party. One third had cross-border impact. The same exercise produced something more uncomfortable. Regulators built a map of which providers the sector collectively depends on, and they built it from the registers financial entities submitted themselves.