The Monetary Authority of Singapore has reprimanded OCBC Bank for the failure of the bank’s online and branch banking systems.
Date: Nov 4, 2011
The Monetary Authority of Singapore (MAS) has reprimanded OCBC Bank for the failure of the bank’s online and branch banking systems.
The regulator found that the bank did not implement sufficient measures to address single points of failure in its system and network infrastructure – which means the bank has failed to observe the Security Practices requirement set out in the MAS IBTRM Guidelines.
The MAS has directed the bank to conduct a thorough review of all critical host and network architectures as well as configurations to determine if there are any single points of failure, or operational and functional fragilities.
In addition, OCBC Bank is required to review its monitoring system and processes, and implement adequate monitoring of network devices. The bank will also need to review all support and maintenance teams from vendors that are assigned to the bank to ensure they have the requisite level of experience and skills to achieve the level of service or support criteria set by the bank.
Said Lee Boon Ngiap, assistant managing director, banking and insurance, at the regulator: “MAS expects financial institutions to be responsible and accountable in managing and controlling technology risks as well as implementing measures to ensure the resilience of their IT systems and infrastructure. We will not hesitate to take appropriate supervisory action against any financial institution which fails to meet the standards set out in the MAS IBTRM Guidelines.”