Please enable JavaScript to experience the full functionality of GMX.

UK banks warned over online crashes

British MPs have warned the banking industry over frequent crashes of online services.

The frequency of the crashes and the general disruption was "unacceptable", according to a Treasury Committee report, which explained that with bank branches closing across the country, online banking services need to function more efficiently than ever before.

What's more, the report expressed fears over the rise of third-party providers of cloud services for data storage.

It read: "The consequences of a major operational incident at a large cloud service provider, such as Microsoft, Google or Amazon, could be significant.

"There is, therefore, a considerable case for the regulation of these cloud service providers to ensure high standards of operational resilience."

Steve Baker, the Treasury Committee's lead member on the inquiry, described recent failings as "unacceptable".

Mr Baker said: "The number of IT failures that have occurred in the financial services sector, including TSB, Visa and Barclays, and the harm caused to consumers is unacceptable.

"The committee, therefore, launched this inquiry to look 'under the bonnet' at what's causing the proliferation of such incidents, and what the regulators can do to prevent and mitigate their impacts."

Sponsored Content