MSE News: Banks asked how prepared they are for TSB-style meltdown

Banks are being asked how well prepared they are for a cyber attack or TSB-style IT meltdown by the Bank of England and the regulators...
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'Banks asked how prepared they are for TSB-style meltdown'
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  • edited 7 July 2018 at 10:48AM
    madvickermadvicker Forumite
    156 Posts
    First Anniversary
    edited 7 July 2018 at 10:48AM
    Haha, ironic they are asking for a discussion paper on it now. Yet, not one of those points deals with preparedness for an IT migration. They touch upon system failures, which have happened, but with the exception of TSB (a result of a migration) I don't recall a system failure lasting longer than a day. I think most people can survive a day without banking inconvenient as that is...
  • Westie983Westie983 Forumite, Ambassador
    5.1K Posts
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Many banks have had upgrades without the issues TSB faced.

    I can only assume they tried to push it out without completing the final checks.

    Many accounts I hold notify me of any planned upgrades (normally happen in the early hours) and have not really affected me as much as TSB did.

    That said still no reply to my complaint, apart from a letter acknowledging they had received it.

    Hopefully this will not be repeated or the other banks have learnt from TSB's mistakes and will mitigate them for themselves.

    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySaving Expert.

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