OCBC Bank Service Outage: The Implications
Lack of Good Monitoring Apparently Led to Problems
The recent case in which Singapore’s OCBC bank suffered a few hours of outage because of an apparent lack of proper monitoring could lead to bigger security issues unless the management and security team of the bank take appropriate steps.
“A software failure in the backup unit for the core banking system resulted in the storage in the core banking system to reach its maximum capacity. The software failure signal was unfortunately not detected for rectification due to a human oversight,” said Samuel Tsien, the bank’s CEO, in a statement to the media.
Monitoring IT systems and data is one of the important aspects of any critical infrastructure. OCBC should take immediate steps to investigate the root cause to the problem.
“It seems for OCBC, this [monitoring] process has not been implemented in an effective manner, as it’s not an oversight of one to two days which will lead to such issue where the CBS storage capacity gets full,” says Sandeep Arora, co-founder and CEO at CyberImmersions Solutions, which provides training, education and consulting in cybersecurity, cyber law and privacy. ..Read More..