The Monetary Authority of Singapore takes seriously the reliability of banks’ critical IT systems, and has asked DBS to conduct a thorough investigation and submit its findings.
The Monetary Authority of Singapore takes seriously the reliability of banks’ critical IT systems, and has asked the country’s biggest lender to conduct a thorough investigation and submit its findings, it said in a statement late Wednesday after DBS’ latest outage stretched for about 10 hours.
While unusual for a sector known for its constant availability, Wednesday’s incident was reminiscent of the outage the bank suffered in November 2021 – one of its worst digital disruptions in the past decade. Under MAS regulations, financial institutions need to ensure that the maximum unscheduled downtime for each critical system doesn’t exceed four hours within any period of 12 months.
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