DBS falls short of MAS IT systems expectations
According to the Monetary Authority of Singapore, the disruption of DBS bank’s digital services a little over a year after the November 2021 incident is unacceptable.
MAS said that it takes the reliability of IT systems seriously, and DBS fell short of its expectations to maintain the availability of systems at a high level. The agency also instructed DBS to conduct an investigation to establish the cause of the disruption and submit the findings to them.
MAS notified DBS on Wednesday that its customers experienced difficulties logging into its digital bank services.
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“MAS has been in close contact with DBS to ensure expedited recovery of its digital services and timely communications to customers on the disruption.”
“We note the bank has since resumed normal digital banking services and is monitoring the situation.”
The disruption lasted 12 hours. In a statement, DBS chief executive Piyush Gupta stated that the bank is disappointed that many of its customers were not able to access its digital banking services.
“We hold ourselves to higher standards, and it is our utmost priority to review the events of today. We acknowledge the gravity of the situation, appreciate our customers’ understanding, and deeply regret the inconvenience caused,” said Gupta.
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