The RBS/Natwest technical outage that blighted the bank and its customers in June has cost the firm £125m according to its latest financial reports.
The banking group, which posted overall losses of £1.5bn for the second quarter of its financial year, was hit by a huge outage that affecting millions of customers from receiving or making payments and lasted for almost an entire week.
"The immediate software issue was promptly identified and rectified. Despite this, significant manual intervention in a highly automated and complex batch processing environment was required. This resulted in a significant backlog of daily data and information processing," the firm said in its filing.
"The consequential technology problems and backlog took time to resolve. However, at no point was any customer data lost or destroyed."
As such the firm is now facing a £125m charge to cover the costs related to the incident, although no specifics on what these costs would be were provided.
Andrew Sinclair, head of risk management at IT business continuity provider Onyx Group, said that the charge incurred by RBS/Natwest underlined the need for firms to make sure IT systems are not taken for granted.
"Although this should have been an avoidable incident - the fact that it occurred at all might be indicative of the continuing pressure on the business and the overall ‘hollowing-out' of the skills and experience in the IT side of the business," he said.
"If it is found to have occurred within the outsourced section of RBS operations, when coupled with the massive power failures within India then the calls for more rigorous testing and change control procedures can be expected to increase."
The banking outage was the first in a wave of issues affecting firms including O2 and Microsoft that have thrust the issue of disaster recovery and backup back into the spotlight for IT chiefs to consider.
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