Nov 19, 2019

Twitter a test of character for banks like TSB

At least one member of the TSB board seems to think it's the other way round, judging by Tuesday's report into the technology debacle, by law firm Slaughter and May. It says TSB "Was keen" to include claims from one non-executive director that last year's problems underwent an "Amplifying" by social media. People close to the rest of the TSB board - and its new chairman and chief executive - also indicate that Twitter is not a widely cited diagnosis of the root cause of its failures. So TSB now monitors social media to spot technical trouble. TSB admitted to Slaughter and May that its IT meltdown "Might have been mitigated to some extent by . . . a clear and early message to customers that their funds were not at risk", and it would have been sensible to "Engage external social media experts in advance". Cobham's high-spec antennas for use in electronic warfare are made in the UK. Cobham's famous refuelling systems are ubiquitous in British fighter jets.

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