TSB's IT Meltdown – Time To Adjust Your Risk Assessment Matrix?

In late April of this year, the British bank TSB moved millions of customer accounts from the systems of Lloyds Bank, which has hosted them since TSB was separated from Lloyds, to a new core banking platform ofits current owner, Spanish bank Sabadell. According to an IT professional who worked at Lloyds Bank before, during and after the original integration of TSB, such a migration is a "horrendous task". According to the Guardian, Sabadell's takeover of TSB was predicated almost entirely on the £100m savings to be made from cutting TSB free from the £214m-a-year bill it had to pay Lloyds for continuing to run the bank's accounts. Unfortunately, the migration ended in disaster. As a result of yet-unspecified problems, TSB's customers were locked out of their accounts and experienced money disappearing from accounts; some were even able to see other customers' accounts. These service failures continued for more than ten days.