Bank of England orders Visa to hire PwC after IT error
In June 2018, Visa’s payment system was struck down by a hardware failure, impacting millions of customers across the UK and the rest of Europe. People were left unable to pay for goods and services across the continent, while the outage was not associated with any unauthorised access or cyber-attack.
At the time, the Bank of England immediately contacted Visa to find out when the system would be back up and running. The unprecedented crash eventually led to Threadneedle Street implementing an extended investigation into the IT systems of financial companies. Ultimately, in response to a jump in frequency and severity of the incidents, the Bank of England's Financial Policy Committee put together a new framework around resilience and risk, setting minimum service levels to keep the economy ticking in the event of a plausible disruption.
Now, the central bank of the UK said that it will use statutory powers to direct Visa to fully implement its recommendation of an independent review, which found that it was unprepared for the failure and failed to communicate effectively with those impacted. Part of this includes requiring Visa to appoint PwC to “assess Visa Europe’s progress in implementing these recommendations”. PwC will provide a final report to the Bank later this year assessing the progress in the implementation of each recommendation.
The Bank of England said the incident had the potential to affect confidence in the financial system; however, it also acknowledged that Visa has accepted all of the requirements, and appears committed to implementing them. Visa has previously stated that the issue was caused by a “very rare partial failure” of a switch in one of its data centres, meaning back-up centres could not automatically process all transactions. It has since fixed the issue, while arguing it was taking “all necessary steps” to prevent the failure from happening again.
The action taken by the Bank of England does not imply a breach of a regulatory requirement, or constitute an enforcement action. The reforms it has backed to be carried out were initially devised by PwC’s fellow Big Four member EY.
Industry: Cyber Security News
- SailPoint File Access Manager Consultant/ Architect
- discussed on applications
SailPoint File Access Manager (SailPoint FAM) Consultant/ Architect is required for an up coming projects, Ideally looking for someone with experience in Designing and deploying SailPoint FAM , this is a new Deployment, you will work with customer in the initial workshop phase, to understand requirements and to get the initial design, you will then be responsible for deploying the solution. This is a home based role, with some onsite visits required during the length of the project. We are looking for someone who has previous experience in Deploying SailPoint FAM (ideally done design work) Need to have experience with SharePoint and ideally Azure and Share file
- Outside IR35 Contract- SC / DV - Cloud / VMware Solution Architect
- Outside IR35
Solution Architect Contract - with active Security Clearance needed for Outside IR35 Contract London. SC / DV (must be willing to undergo DV) 6 month rolling Immediate Experience delivering technical Security Architecture design / assurance of security design. Specific experience with Cloud and VMWARE technologies Cross domain experience desirable HLD / LLD Current SC Clearance a must. London 3 days a week Immediately interviewing.
- Contract Night Shift Senior SOC Analyst | Microsoft Defender | Outside IR35
- United Kingdom
- Outside IR35
Contract Night Shift Senior SOC Analyst | Microsoft Defender / Sentinel | Outside IR35 Looking for an experienced SOC analyst to cover a night shift SOC operation. Level 2 technical Analyst. You must have current hands on technical experience with Microsoft defender / Sentinel within a customer facing SOC environment. This is a UK based position.
- DV Cleared CyberArk Consultant- Contract
- City of London
- Upto £700 per day
CyberArk Consultant is needed to be responsible for leading the deployment of CyberArk solutions for this Secure government site You will work with customer, helping to create CyberArk Strategic Roadmaps, on-boarding accounts, product and process integration into the CyberArk Solution and Proviso of Installation and technical Documentation. We are looking for this individual to have experience in: In CyberArk deployment, and ideally leady the deployment both strategically and also technically for this project we need the consultant to hold current DV cleared status For the right individual this could be a long term project.