Some 2.5 million payment and ATM transactions could not be completed during the banking outages that hit DBS and Citibank on Oct 14, causing widespread disruption to businesses and consumers, said Minister of State for Trade and Industry Alvin Tan on Monday. Customers also...
DBS and Citibank have to conduct thorough investigations and come up with a plan that will minimise future disruptions and outages.Some 2.5 million payment and ATM transactions could not be completed during the banking outages that hit DBS and Citibank on Oct 14, causing widespread disruption to businesses and consumers, said Minister of State for Trade and Industry Alvin Tan on Monday.
The outages were caused by a fault in the cooling system of an Equinix data centre used by DBS and Citibank. While both activated disaster recovery and contingency plans,“While both banks conducted annual exercises to test the recovery of the IT systems at the backup data centres, the specific issues that led to the delays in system recovery on Oct 14 did not surface during those tests,” he added.
MAS also uses other regulatory tools to address lapses in banks’ risk management, Mr Tan said. This includes imposing additional capital requirements and suspending certain bank activities. Higher capital requirements mean DBS must hold more liquid capital, which could leave the bank with less money for dividends or investments.
West Coast GRC MP Ang Wei Neng asked if MAS will consider asking banks that have been hit by outages to compensate customers directly. Mr Tan added that consumers can also consider using different ways to pay, so they are not overly reliant on one financial provider for time-sensitive transactions.
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