ECB publishes findings of the independent review on the payment system outage
The European Central Bank (ECB) has published the results of Deloitte’s independent review of the incidents that affected TARGET2 and TARGET2 Securities in 2020. The review issues 18 detailed recommendations.
Following an incident that affected the ECB’S real-time gross settlement system TARGET2 in October 2020, causing an outage for almost 10 hours, the ECB announced the launch of an independent review. The review would also look into other incidents affecting TARGET Services during 2020, with the aim of providing recommendations to Eurosystem, the authority responsible for the TARGET Services.
The independent review found weaknesses in several areas, such as business continuity management, fail-over and recovery testing a