Global computer outage

The global computer system disruption affected a wide range of global service sectors, especially the stock market and banking and finance...

Announcement regarding a technical issue from CrowdStrike, the company providing the Falcon security solution. (Source: The Conversation)

On July 19th, a Microsoft cloud service outage caused hundreds of flights to be delayed or canceled, while banking, communications, and other services worldwide were forced to temporarily suspend operations. Microsoft's cloud service unit, Azure, stated that the outage involved virtual machines running Windows and CrowdStrike. The virtual machines are currently restarting, and Azure is exploring possible solutions to mitigate the impact.

The incident caused the stock price of the US tech giant CrowdStrike to fall by more than 11% in trading on July 19.

According to CrowdStrike, the issue was identified as a bug in the company's security software update, resulting in Microsoft 365 services such as Teams and OneDrive being down globally.

CrowdStrike is one of the world's leading cybersecurity service providers, with nearly 30,000 registered customers. The company has a market capitalization of approximately $83 billion and is a favorite among investors due to its high revenue growth and profit margins. In 2023, CrowdStrike's stock price doubled, mirroring the global surge in technology stocks.

According to Reuters on July 20, most trading activities returned to normal on July 19. However, as of the morning of July 20, some consequences remained unresolved, such as some JPMorgan Chase ATMs still being "temporarily out of service".

Global credit rating agency Fitch believes this latest cybersecurity incident will "remind" authorities of the need to increase oversight of IT service providers.

Monsur Hussain, a managing officer at Fitch, highlighted the increasing reliance of financial institutions on third parties in recent years. This is part of the strong digitalization process underway in the sector. While the economic benefits are attractive, Hussain noted that they can also bring systemic risks.

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