WASHINGTON—The Treasury Department is warning about potential vulnerabilities caused by financial institutions relying on a small number of providers for cloud-computing services, convening a group of U.S. officials to study the issue.

The Treasury said in a report released Wednesday that banks and other financial institutions are increasingly using remote computing services known as the cloud, part of a broader shift in how businesses manage their technology needs. Many are using these services for software such as email, and a smaller number are relying on it for more sensitive infrastructure such as data storage.

Treasury Says Cloud Computing Poses Risks to Financial Sector

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