021313-Issue 2: Catastrophic Failure and Systemic Risk

By  |  October 18, 2013
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Electronic payments systems are subject to catastrophic risks of failure from software malfunctions and cyber attacks. Isolated failures wreak havoc only on the consumers and businesses directly affected by it. Thousands of customers couldn’t pay their bills or get money out of their accounts when RBS encountered a “glitch” in its software. Broader, systemic, failures are also possible and if they happened could bring much economic activity to a grinding halt.
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