The Monetary Authority of Singapore (MAS), the Singaporean central bank and financial regulator, has instructed DBS bank and Citibank to investigate recent disruptions to their digital banking services. MAS said it will take “appropriate supervisory actions after gathering the necessary facts.”
MAS requires that all banks put measures in place to ensure that their critical systems and services are resilient to disruption. They are required to have back-up data centres and systems, which are tested periodically to ensure that these critical systems and services can be restored within 4 hours following an outage.
On October 14th the primary data centres of both banks failed to perform normally. Whilst they activated their back-up data systems, neither were able to fully recover their systems within the required 4-hour timeframe.
