Banks Computer Systems At Risk, More Outages On Way: Warning
Australia’s banks are not spending enough to maintain their computer systems, according to a new report by the Sydney-based Australian Prudential and Regulation Authority (APRA).
It warns that the lack of spending could lead to more IT outages, further eroding trust in the financial system.
The Prude’s chairman Wayne Byres told an event hosted by transactional banking and capital management services operator Cuscal that “the health of the systems environment and associated risks have not been as well understood by peak decision-makers as they should be.”
Byres said APRA had found a number of instances of critical systems at “end-of-life or end-of-support, without funded remediation plans in place.”
He urged the banks to lift their spending to catch up.