Intelligence Update
Outage reporting in financial services
In the movie “Mary Poppins,” Mr. Banks sings that a British bank must be run with precision, and that “Tradition, discipline and rules must be the tools.” Otherwise, he warns, “Disorder! Chaos!” will ensue.
One rule, introduced by the UK Financial Conduct Authority (FCA) in 2018, suggests that disorder and chaos might be quite common in the IT departments of many UK banks. The rule introduced the mandatory reporting of online service disruptions caused by IT problems for retail banks. The first year’s figures, published this summer, show that banks, on average, suffered an IT outage or security issue nearly every month.
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