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BoE Cracks Down On Visa Europe After IT Outages

Law360, London (March 11, 2019, 3:40 PM GMT) -- The Bank of England has said it is using its regulatory powers to force Visa Europe to step up protection for its IT systems after a technical glitch in June 2018 left the company's customers unable to complete 2.4 million transactions.

The U.K. central bank said on Friday that the financial giant must fix its systems because of the “widespread disruption” that interruption of its card authorization system had on users of its service. The system outage, which was caused by a hardware failure in a switch at one of the company’s data centers, could have dented confidence in the wider...

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