View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Cybersecurity
November 25, 2014

Deloitte to probe outage of Bank of England’s payment system

Outage suspended Clearing House Automated Payments System (CHAPS) for 10 hours last month.

By CBR Staff Writer

The Bank of England has appointed Deloitte as the auditor to probe systems outage that broke down Clearing House Automated Payments System (CHAPS) for 10 hours in October.

On 20 October, a glitch generated during routine maintenance hit the Bank of England’s Real Time Gross Settlement System (RTGS), which further thwarted payments processing from 6am until around 4pm.

Claimed to be the biggest in the system’s history, the 10-hour outage is believed to have been due to the addition of a new institution to the system, leading to delay in several house purchases and home moves.

The Bank said in a statement: "The Court of the Bank of England has appointed Deloitte to conduct the review and has set out the terms of reference they will follow.

"The review will investigate the causes of the incident, the effectiveness of the Bank’s response and provide lessons learned from the incident."

As part of the review, Deloitte will conduct a root cause analysis; evaluate the robustness of the system; review the governance of the system; in addition to assessing the bank’s response on the day; and evaluate the effectiveness ofincident management and back-up plans.

Further, the consequences of the probe, including additional remarks made by the Bank of England concerning the rulings, will be offered at the court of the Bank of England by early 2015.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.