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MAS orders DBS and Citibank to conduct probes after service outages, advises customers to keep cash on hand

After recent service disruptions, the Monetary Authority of Singapore (MAS) shared that it has mandated probes into DBS and Citibank’s recovery failures, urging customers to maintain a cash reserve for unforeseen interruptions.

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SINGAPORE: In response to media queries, following a conspicuous absence of communication in the days after last Saturday’s service disruptions, the Monetary Authority of Singapore (MAS) shared on Thursday (19 Oct) that it has mandated an investigation into DBS Bank and Citibank.

This directive stems from the banks’ failures to comply with the prescribed system recovery protocols during the outages. MAS has affirmed its commitment to enacting appropriate supervisory measures, dependent on the findings from a thorough fact-finding inquiry.

Both banks’ customers experienced significant inconveniences, unable to access online and mobile banking services during the disruption that started last Saturday afternoon. The service anomaly was attributed to a technical glitch within the cooling system at a data centre, managed by Equinix, shared by both financial institutions.

According to Equinix, complications with the chilled water system occurred amidst a scheduled system enhancement, causing a surge in temperatures that impacted various equipment and operations. This technical snag resulted in a complete shutdown of online banking and payment services for DBS and Citibank from approximately 3 pm on Saturday until full restoration on Sunday morning, lasting over 12 hours.

While DBS reported a gradual restoration of services from 7 pm on Saturday, including corporate internet banking and ATM services, Citibank confirmed complete service normalization by Sunday morning.

An MAS representative stated, “Banks must guarantee the resilience of their critical systems and customer services against disruptions. This involves maintaining and periodically testing backup data centres and systems to ensure a maximum four-hour recovery time for critical services following an outage.”

MAS further emphasized that banks should not experience unscheduled downtime exceeding four hours within any 12-month period. Although the authority does not directly supervise data centres, it expects banks to incorporate these MAS stipulations into their contracts with data centre providers.

Notably, both banks activated their backup data centres in response to the primary systems’ failure last Saturday. However, MAS highlighted the institutions’ non-compliance with the mandated recovery timeframe.

Acknowledging the fallibility of IT systems, MAS reminded banks and customers to establish robust backup strategies for potential service interruptions. The authority commended the contingency steps taken, like extending branch operational hours and providing alternative credit card transaction methods.

“Customers are advised to consider options such as alternative payment providers and keeping cash on hand. During the recent service disruption, customers with alternative arrangements faced minimal inconvenience,” the MAS spokesperson added.

Singapore’s President, Mr. Tharman Shanmugaratnam, in his former capacity as the Chairman of MAS, had addressed similar system resilience concerns in April and July this year over the past two disruptions experienced by DBS. He emphasized that DBS had embarked on strategic enhancements to its digital banking system, underscoring the importance of robust access control, system redundancy, comprehensive monitoring, and efficient restoration processes.

However, despite these assurances, the recent incident underscores persistent gaps in the banks’ digital resilience strategies, raising questions about the efficacy of redundancy systems and preventative measures.

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So in a nutshell, MAS has ordered the banks to ‘Ownself Check Ownself’? Then the end result we know already lor. We have checked ourself and found nothing out of place just a normal day at the office.

WAYANG,WAYANG WAYANG after the FACT,any questions if NOT let move on,1 mth on then LEEPEAT!

Unfortunately, ALL the banks suffer from the SAME accountability problem. You find the SAME issues with the telcos. They are all equally INCOMPETENT and so makes switching providers moot. That might be their strategy.

Keep CASH at Hand – the advice. Just like a time when police personation was the game of the day and they tell you check their ID and now ask to check their ID they charge you. Ask you keep CASH at hand and The SA men entities groups exclude the Cash Upon Delivery. Crappy, understand!

MAS is also led by CECA Trash from India. So what do you expect??
Another BullShitShow by PAP basturds!!

Aiyoh, pls remember who the MCI minister is (for cybersecurity and Smart Nation implementations) – the ever useless JT. She only knows making babies in small spaces, lah. Likely on the past few disruptions/service failures, the banks smoke her BS about how they will improve this and that,, and sotong JT believe them wholesale. Quite common in corporate world when top management is basically incompetent (thereby permitting suppliers/subordinates to give excuse after excuse, talk cock sing song, no firm timeline to resolve issues, etc…).

Know how to collect $$$$ to make more $$$ until ALL become FAT OBESE CATs,when the crp hits the FAN all go into deep dive HIDING & ALL QUIET on all fronts!!! Now you start see knee jerk erections from the “AUTHORITIES!!!! SHAME on THEM!!! Ptuuuiiiiii

Multiple shut downs are certainly unacceptable .MAS can’t keep repeating high sounding motherhood statements again.Teams of it’s IT imports should be dispatched to the banks immediately to seek out those responsible to ensure such stupid incidences are not repeated again.Last chance for these idiots to wake up and straighten their spines and be serious with their job. Nonetheless ,some heads must roll.So sad to witness such bad things are happening in our once sunny Singapore 🇸🇬

One village head to check with another village head with the out sourced village head what went wrong.
Same answer, same outcome , same result expected a few months from now.
Another outage.
Seems like all these are linked thru different villages having different heads!😆😆😆😆😆🤣🤣🤣🤣

Why are all these persistent outages keep occurring and yet the regulators keep asking for self investigations which apparently unable to stop all these malaises.

SIMPLY the Regulator is easily BEING LED ABOUT, MANIPULATED coz they cannot different among themselves what is EVEN a BIT different from a BYTE.

Lee con you had said, ” everything must work. If it doesn’t work I want to know why. It is easy to replace the one in charge …” So shall dbs and Citibank replace those incompetent south asian headhonchos and their leeches who are majority IT folks in sinkapoor? Gupta should take the lead and obey khaw boon wan’s words by “apologizing, taking a deep bow” and perhaps, as suggested by khaw too, “commit harakiri.”

Great advice from MAS. Singaporeans are greatly touched.

DBS and Citibank are more interested in “let’s move on” and forgetting about the incident than
probing further into the incident. One may uncover yet more cans of worms while the other is the PAP gold standard for no accountability.

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