Last Wednesday the Royal Bank of Scotland (RBS) underwent an IT failure which withheld 600,000 payments from customer accounts. This occurs seven months after RBS was fined ₤56 million due to an IT Crash in 2012 that impeded customers from accessing their online accounts. The poor system performance has caused difficulties for customers and shock from the banking community.
The RBS Bank Help account tweeted early last Wednesday morning that "some customer payments are missing..." and later went on to say that the underlying issues had been corrected. However, the bank added that payments would not be accessible until the end of that coming Saturday. Anthony Browne, the Chief Executive of the British Banker's Association, stated that this failure was unacceptable and that many banks are aware of the issues in their systems: "A lot of them have creaking IT systems. They are spending £3 billion a year upgrading their IT systems - it is one of the biggest IT upgrades that Britain has ever seen."
This is only one of many glitches in banking services that have occurred recently and demonstrates a need to detect the vulnerabilities that are present in digital banking.
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Erik Oltmans, an Associate Partner from EY, Netherlands, spoke at the Software Intelligence Forum on how the consulting behemoth uses Software Intelligence in its Transaction Advisory services.
Erik describes the changing landscape of M & A. Besides the financial and commercial aspects, PE firms now equally value technical assessments, especially for targets with significant software assets. He goes on to detail how CAST Highlight makes these assessments possible with limited access to the targetâ€™s systems, customized quality metrics, and liability implications of open source components - all three that are critical for an M&A due diligence.