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Trade Publication Article
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2013
Overview
In June 2012 millions of customer accounts at RBS and its subsidiaries NatWest and Ulster Bank became inaccessible after the bank lost the ability to process payments. An upgrade to the bank's batch processing system caused an overnight failure, triggering the problem. The bank's inability to revert its system to its pre-upgrade state compounded matters. In August US market-maker Knight Capital lost $440 million in 40 minutes due to the installation of trading software that then sent incorrect orders into the market. It also had a ripple effect on other institutions using automated algorithms. Such failures mean that instead of looking at business continuity and disaster recovery as distinct areas, there is a new emphasis on how to include resilience in the IT infrastructure itself. The issue, then, is robust management of the firm's processes, which demands in-depth understanding of a firm's core infrastructure, the critical functions it supports and the data that sits on top.
Publisher
Incisive Media Limited
