RBS fined 56 million over computer glitch

The video discusses an IT systems failure at RBS, which led to penalties from financial authorities. It highlights the importance of risk management and system backups to prevent such incidents. The failure had significant financial and reputational impacts on RBS. The video also addresses challenges with legacy systems and changing customer behavior, emphasizing the need for technological evolution in banking. Despite confidence in preventing future incidents, the risk remains due to outdated systems.

What measures are suggested to prevent similar incidents in the future?

What is the significance of legacy systems in the context of banking?