A UK Regulator Confirms Software Risk Very Real In UK Financial Sector

Pay attention US financial sector, because the UK is one step ahead of you … sort of. They’re at least willing to admit they have a problem with software risk and IT system resiliency, which is on the path to recovery.
A recent report published by Tech Market View confirmed a 2012 warning by a director of the Prudential Regulatory Authority that the IT systems of UK banks were “antiquated.” and that he could not say with confidence that they are robust. The statements were delivered to a committee in Northern Ireland as they discussed the major IT failure at RBS/Ulster Bank in 2012 which affected the bank’s customers all over the world.