Bank of Ireland fined €24.5 million over IT resiliency issues

Ireland’s central bank has fined the Bank of Ireland €24.5 million over IT deficiencies that the lender took over a decade to fix.

The failures are related to failures in the Irish bank’s ongoing IT system, which the central bank has been showing since 2008 but due to the use of failures it became known and discussed in and 2015.

An internal audit conducted by the Bank of Ireland revealed deficiencies related to the management of the BOI and the management of its clients.

The steps were taken by the company to rectify the misdemeanor expired in 2019.

Director of Enforcement and Anti-Money Laundering, Seana Cunningham of the Central Bank of Ireland, said: The BOI may not be able to guarantee the continuity of essential services, such as payroll services. Customer losses and financial planning. “

This is not the first time the Bank has collapsed. In July last year, the Central Bank of Ireland imposed a $ 1.66 million fine on a BoI infringement that saw one of its subsidiaries spend more than € 100,000 to a hacker who illegally entered a client’s email.

In addition, the Central Bank also stated that it took more than a year for the BoI to notify the police after the breach and non-disclosure of jurisdiction during a subsequent investigation.

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