Bank Negara fines local banks for e-banking service outages

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Bank Negara fines local banks for e-banking service outages
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KLANG: Missing singer Muhammad Nidza Afham's handphone and wallet was found at the Kota Bridge, here, say police.

In separate statements, the central bank said Maybank was fined RM4.32mil for the unplanned downtime while CIMB was fined RM760,000, on July 29.

It added that measures by Maybank to further strengthen its application and infrastructure resiliency as required by BNM were also incomplete at the time of the incidents which impeded recovery effects. “The duration of these disruptions to CIMB’s services exceeded the thresholds specified by BNM. Upon investigation into the root cause leading to the incidents, it was found that CIMB’s non-compliance resulted from lapses in the execution of its response and recovery process to restore the disrupted systems promptly, which impacted the availability of essential banking services for its customers and counterparties,” Bank Negara.

“The bank has invested and will continue to invest in technology, systems and processes to strengthen its resilience and ensure that its critical customer infrastructure is able to serve and meet its customers’ needs at all times. Further, the Bank has strengthened its corrective and preventive measures to address service outages in a timely manner including adequate oversight of its third parties, while ensuring business continuity plans can be initiated immediately during critical times.

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