DBS Bank has earmarked $60m to enhance its system resiliency following a series of digital disruptions this year. The announcement came in November 2023 as the bank’s board and management apologised for its digital disruptions and detailed a roadmap to improve technology resilience.
Several digital disruptions were caused by software bugs in third-party vendor systems or mistakes by the bank’s employees, said DBS CEO Piyush Gupta in the bank’s third-quarter 2023 results briefing. Mr Gupta added that it is hard to understand why there are more bugs now than in the past.
