IT outages seem to be increasingly prevalent in the financial services sector, despite a firmer focus on technical resilience by regulators both in the United Kingdom (U.K.) and the European Union (EU). A recent tech glitch that hit a major U.K. bank should compel compliance teams in the sector to review their IT security and incident reporting at the very least, say experts.
In March, almost half a million Lloyds, Halifax, and Bank of Scotland customers saw other people’s transactions or had their own data shared due to a “glitch” on their banking apps.
