Finance Monthly August 2019 Edition

The Which Group recently published a study stating that the UK banking sector was hit by IT outages on a daily basis in the last nine months of 2018, with 302 reported failures. The major banks had suffered at least one incident apiece every two weeks. This is a highly concerning statistic that exposes the fact that bank outages and IT issues occur much more often than was previously thought. And the impact can cause significant setbacks, financial and otherwise. In one recent example, a major bank suffered an outage with costs amounting to over £330 million. Nick Coleman, Channel Director EMEA of Virtual Instruments, explains why this is happening and what the issues surrounding this trend are. WHY IS THE UK BANKING SECTOR IN SO MUCH IT TROUBLE? Nick Coleman, Channel Director EMEA Virtual Instruments www.virtualinstruments.com 24 www.finance-monthly.com FINANCE & BUSINESS - IT