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The Bank of England is expecting financial institutions to be a bit less rubbish when IT goes wrong, it said today.
The TSB fiasco that led to customers being unable to access their accounts, followed up by widespread fraud, has caused the BofE's Prudential Regulation Authority (PRA) along with the Financial Conduct Authority (FCA) to kick off a formal investigation.
Events - Vulnerabilities - Banking - Tech - Visa
Other recent events have also higlighted the vulnerabilities of banking tech: first there was the Visa debacle, when payment processing ground to a halt due to a hardware failure on 1 June, causing retail mayhem over Europe.
And then, traders were forced to swap making money for making morning tea after the London Stock Exchange spent an hour longer in bed last week following an unspecified IT problem.
Response - Jump - Frequency - Severity - Incidents
In response to the jump in frequency and severity of the incidents, the BofE's Financial Policy Committee (FPC) is putting together a new framework around resilience and risk, and a discussion paper will be...
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