The text discusses cloud concentration risk, which refers to the potential peril created when so much of the technology underpinning global financial services relies on so few large cloud services providers. This risk is exacerbated by public cloud provider outages and cyberattacks, which could derail the global financial system. To mitigate this risk, financial institutions are evolving from hybrid to multi-cloud approaches, which allow them to distribute their data across multiple clouds, improving high availability and application resiliency without sacrificing latency. A multi-cloud strategy also offers several benefits, including optimizing performance, scaling dynamically for task and geography, adapting to business changes, avoiding vendor lock-in, and harnessing innovative features. By taking a multi-cloud approach, financial institutions can reduce their reliance on single cloud providers, improve their security posture, and enhance their ability to meet customer expectations in a rapidly changing commercial environment.