Business

Bank of Ireland fined €24.5m for breaching IT systems regulations with ‘serious disruption’ to customers

The Central Bank of Ireland has been fined 24.5 million euros for violating regulations on its IT systems.

The central bank said the fine was due to the lack of a proper framework to ensure continuous service to the bank and its customers in the event of a significant IT disruption.

Central Bank says deficiencies have been identified multiple times

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Central Bank says deficiencies have been identified multiple times
Bank fined more than 24 million euros

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Bank fined more than 24 million euros

The central bank said the shortfalls had been identified several times since 2008 but were only recognized and resolved in 2015.

Efforts to address the failures were completed in 2019.

Five regulatory violations took place between 2008 and 2019.

Seana Cunningham, director of enforcement and anti-money laundering at Central bank“Banks and financial services companies today are completely dependent on efficient, reliable and resilient IT systems,” said.

“It’s important for companies to have a framework in place so they can ensure the continuity of critical IT services and minimize the impact of any significant disruptions.

“Without an effective IT service continuum framework, significant IT disruptions, especially if they occur within a bank, can have a very severe impact on the millions of customers who rely on access to readily access their funds and services to keep their daily lives and businesses active.

Most read in The Irish Sun

“The extent and duration of these breaches are particularly egregious given the ‘always on’ nature of the services BOI provides and how critical IT is to its entire business.

“The impact of these breaches meant that had a severe disruption event occurred, BOI may not have been able to ensure the continuity of critical services, such as payments.”

In a statement, a spokesperson for Bank of Ireland The Bank of Ireland admitted five breaches – relating to the IT service continuity framework and related internal controls between 2008 and 2019 – with the Central Bank of Ireland.

BANKING TECHNOLOGY

“The Bank of Ireland fully acknowledges and sincerely apologizes for each of these violations that should not have occurred.

“To comprehensively address these breaches, the bank has invested heavily in IT service continuity, completing an extensive program of team-wide work between 2015 and 2019.

“This has included technology investment such as infrastructure and network upgrades as well as increased internal testing, planning and processes.

“Following the actions taken, Bank of Ireland has put in place strong continuity processes in IT services and continues to invest heavily in this sector as technology requirements evolve.

“The Bank cooperates fully, proactively and voluntarily with the CBI in this investigation.”

https://www.thesun.ie/money/8009511/bank-of-ireland-fined-breaching-it-systems-customers/ Bank of Ireland fined €24.5m for breaching IT systems regulations with ‘serious disruption’ to customers

Fry Electronics Team

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