Singapore financial institution DBS’ second main on-line service outage in simply over a yr is “unacceptable” and indicative of its failure to make sure system availability.
It now faces supervisory actions from trade regulator, Financial Authority of Singapore (MAS), which mentioned it positioned nice emphasis on the reliability of banks’ essential IT programs.
DBS on Wednesday morning mentioned by way of its Fb web page that entry to its digital providers, together with its cell fee app PayLah, was unavailable. The financial institution mentioned its programs had been “safe and uncompromised”, however gave no particulars on what prompted the disruption in its preliminary and subsequent updates because the outage endured all through the day.
Some prospects reported being requested to reset their PIN once they tried to log into their accounts, prompting issues of a rip-off. One buyer mentioned DBS ought to have posted a service notification on its login web page and disabled all login makes an attempt to ease such issues.
The financial institution’s on-line providers had been restored within the night, about 10 hours after they went down.
Noting that the most recent incident got here a yr after an identical service outage in November 2021, MAS mentioned DBS had “fallen quick” of the regulator’s expectations to make sure excessive system availability and swift restoration of its IT programs.
The financial institution had been instructed to run a full investigation so the basis reason for the disruption may very well be recognized, MAS mentioned, including that it will take supervisory actions as soon as the required information had been established.
DBS’ November 2021 service outage lasted two days and was attributable to an issue with the financial institution’s entry management servers, leading to prospects’ incapacity to log into their account. For the disruption, MAS had imposed on the financial institution an extra regulatory capital requirement totalling SG$930 million.
Singapore in recent times has applied tighter pointers for the monetary sector, as a part of efforts to spice up the cyber resilience of the nation’s essential info infrastructures. These embrace know-how threat administration processes, akin to having “robust oversight” of partnerships with third-party service suppliers to make sure information confidentiality in addition to safety controls and stress checks.
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