MAS also said customers can benefit from having alternative payment providers and carrying some cash as a contingency.
In response to CNA queries, MAS said on Thursday that unscheduled downtime for a critical service affecting a bank's operations or service to customers must not exceed four hours within any 12-month period."MAS has instructed both banks to conduct a thorough investigation on why they were not able to do so, and will take appropriate supervisory actions after gathering the necessary facts," a spokesperson said.
"We have robust business recovery plans in place and have data centres islandwide. In this instance, the rapid overheating of the data centre triggered an abrupt shutdown of our systems, which delayed the full recovery process," a DBS spokesperson said. "Citi places great importance on the resilience of our infrastructure, and we will use the lessons from this incident to continually improve. We extend our appreciation to our customers for their patience and understanding," said the bank.MAS said that it does not have oversight of data centres but instead expects banks to establish contractual agreements with data centre providers that incorporate its requirements on system availability.
They should also test them periodically to ensure that critical systems and services can be restored within four hours following an outage, the MAS said.
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