The Financial Authority of Singapore (MAS) stated that the disruption of DBS’ digital companies yesterday is unacceptable particularly for the reason that financial institution skilled the same incident in November 2021.
MAS added that it takes “critically the reliability of banks’ vital IT system” and the regulator warned that acceptable supervisory motion can be taken following an investigation into the incident.
DBS had notified MAS yesterday morning that its prospects have been experiencing difficulties logging in to its digital banking companies. In response to DBS’ Fb submit, companies have been solely restored at 5.45 pm after being unavailable the entire day.
Netizens had flooded DBS’ social media channel asking for updates yesterday whereas slamming the financial institution for the extended disruption.
DBS expertise the same incident in November 2021 when it skilled 39 hours of disruption resulting from a malfunction of the financial institution’s entry management servers.
Following that incident, MAS had imposed an extra capital requirement of S$930 million on DBS in February 2022.
MAS stated in a press release,
“In the present day’s disruption of DBS’ digital companies is unacceptable, coming a yr after the same incident in November 2021. DBS has fallen wanting MAS’ expectations to keep up excessive system availability and guarantee its IT programs are recovered expeditiously.
MAS has instructed DBS to conduct an intensive investigation to ascertain the basis reason for the disruption and submit its investigation findings to MAS. MAS will take the commensurate supervisory actions after gathering the mandatory details.”
