What are technical failures of financial systems?
With more services being digitised and moving to online platforms, there is a risk of technological failure. This could mean that customers are unable to access key account functions, including online banking.
The financial regulators’ have an Operational Resilience policy, which requires finance sector organisations to ensure their critical business services are resilient to a range of challenges, including technological failure.
In the event of a technological failure in the banking sector, including retail banks, there would be a range of impacts to customers. This may mean that you are unable to view your account balance or withdraw cash. This could impact your ability to pay for goods and services.
Local risk rating: High
What does the Local Resilience Forum do to prepare?
The financial organisations have their own Operational Resilience policies and Business Continuity Plans. This means that in an event of a technical failure they will be working to restore the networks. While this is happening, the agencies working within the Local Resilience Forum will be implementing a series of response arrangements and humanitarian assistance plans. These plans aim to support households, businesses and communities to manage the impacts of incidents.
Associated risks
- Cyber
- Public order
How can you prepare?
Before
Ensure you have adequate food supplies
Ensure you have adequate medication supplies
Have some cash for emergency situations
During
Stay up to date with local and national news via TV and radio
Follow guidance from government
Contact the customer support team at your bank
