What is concentration risk and how does it relate to Cloud Service Providers (CSPs) that host my business and potentially my outsourcing partners?

Concentration risk describes a scenario whereby only a small number of providers offer a particular service. By way of example, the market for providing cloud hosting services is concentrated between five tech companies: Amazon Web Services (AWS), Microsoft Azure, Google Cloud, IBM and Oracle, (with AWS, Google and Azure accounting for more than half of the cross-sector cloud computing market worldwide).