IT outsourcing costing Eurozone banks 'millions'

ECB says issues ‘more severe and widespread’ than expected

clock • 2 min read
IT outsourcing costing Eurozone banks 'millions'

Eurozone banks are losing millions of euros due to poor tech contractor outsourcing, the European Central Bank (ECB) said on Wednesday.

The ECB ran a survey among the banks it oversees this year, and has conducted 22 inspections since 2020 to evaluate how prepared they are to deal with technical risks, including underperforming con...

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