The Financial Authority of Singapore (MAS) mentioned that the disruption of DBS’ digital companies yesterday is unacceptable particularly because the financial institution skilled an identical incident in November 2021.
MAS added that it takes “significantly the reliability of banks’ vital IT system” and the regulator warned that acceptable supervisory motion might be taken following an investigation into the incident.
DBS had notified MAS yesterday morning that its clients have been experiencing difficulties logging in to its digital banking companies. In line with 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 an identical 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 mentioned in a press release,
“At the moment’s disruption of DBS’ digital companies is unacceptable, coming a yr after an identical incident in November 2021. DBS has fallen in need of MAS’ expectations to take care of excessive system availability and guarantee its IT techniques are recovered expeditiously.
MAS has instructed DBS to conduct an intensive investigation to determine the basis explanation for the disruption and submit its investigation findings to MAS. MAS will take the commensurate supervisory actions after gathering the mandatory information.”
