CMI Blog

Y2K Wasn't a Big Deal - But This Technology Concern Is

RBS_IT_failure_Fotor.jpgWe all remember Y2K and the global fear that digital devices would all stop working. As it turned out that fear was mostly unfounded. But now we have a very real technology crisis brewing. Legacy software systems are facing imminent danger of major security breaches and data loss if they are not updated (and quick).

Financial institutions are one of the most vulnerable given the layers of IT architectures and technologies built up over the years. Those that fail to modernise are losing millions of pounds in lost customers and massive IT bills. For example Royal Bank of Scotland saw multiple denials of service affecting millions of customers TWICE (600,000 payments failed to process overnight in June 2015, and millions of credit and debit card transactions were denied on Cyber Monday in 2013).

But it isn’t just banks that are in trouble, all businesses are; and it isn’t just an ‘internal’ problem. Major outages impact customers, whether it is the interface itself or the lack of availability of mobile access, or something else. And today’s customers expect fast, on-demand data available through simple, easy-to-use user interfaces, and they expect to be able to find this information through the medium of their choice.

Unfortunately, it is difficult and (can be) expensive for companies to completely modernise their IT infrastructure and software. As such, if current systems are viewed as 'ok for now’, nothing is done.  And line between ‘ok for now’ and ‘update ASAP’ is a very fine one. Look what happened to Talk Talk recently! Plus in-house IT managers are often so busy responding to staff requests, they aren’t able to dedicate the time needed to review everything and come up with a game-plan for modernising.

If it can happen to Talk Talk, Home Depot, Sony and JP Morgan Chase, why can’t it happen to your company? It can. Our advice is to get an IT assessment from an IT provider you trust as soon as possible if you have any legacy systems. BTA offers free, comprehensive IT assessments and can give you an expert, honest opinion on what needs to be updated immediately (and what can wait).  Call 020 8875 7676 today or email, and don’t end up as the next company famous for what it got wrong, instead of right.


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