Around 810,000 attempts to access DBS and Citibank's digital banking platforms failed during the Oct 14 to Oct 15 disruption, said Minister of State for Trade and Industry Alvin Tan.
New: You can now listen to articles.Up to 810,000 attempts to access the digital banking platforms of the two banks also failed between 2.54pm on Oct 14 and 4.47am the next day, said Mr Tan, describing the impact of the outage as “wide”.
DBS and Citibank fell short of the Monetary Authority of Singapore requirements to ensure that critical IT systems are resilient against prolonged disruptions, Mr Tan said. It was first instructed to do so in May. At that time, the multiplier of 1.8 times translated to around S$1.6 billion in additional regulatory capital, or money that must be set aside as a buffer.“Holding additional regulatory capital comes with costs for the bank. It increases cost of capital, a key metric that drives business decisions such as dividends and investments“It is a drag on the return on capital which could in turn impact credit ratings and stock price of the bank.
During the Oct 14 outage, customers who were able to switch to alternative payment methods or providers, or had cash on hand were less affected, he said.
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