Global computer outage

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

Notice of technical incident of CrowdStrike, a company providing security solutions Falcon. (Source: The Conversation)

On July 19, a problem with Microsoft's cloud service caused hundreds of flights to be delayed or canceled, while banking, media and other companies around the world were forced to temporarily suspend operations. Microsoft's cloud service unit, Azure, said the problem was related to virtual machines running Windows and CrowdStrike operating systems. The virtual machines are currently in a reboot state and Azure is reviewing possible solutions to minimize the impact.

The incident caused the stock price of the US technology giant CrowdStrike to lose more than 11% in the trading session on July 19.

According to an announcement from CrowdStrike, the incident was determined to be caused by an error in the company's security system software update, leading to a global outage of Microsoft 365 software services such as Teams and OneDrive.

CrowdStrike is one of the world's most popular cybersecurity service providers, with nearly 30,000 registered customers. The company has a market capitalization of about $83 billion and is a favorite of investors, thanks to its high revenue growth rate and profit margin. In 2023, CrowdStrike's stock price doubled, along with the rising wave of global technology stocks.

According to Reuters news agency on July 20, most trading activities returned to normal on July 19. However, as of the morning of July 20, some consequences were still unresolved, such as some automatic teller machines (ATMs) of JPMorgan Chase bank were still in a "temporary" state.

Global credit rating agency Fitch said the latest cyber security incident will “remind” authorities of the need to increase supervision of information technology service providers.

Monsur Hussain, a managing director at Fitch, noted that financial institutions’ reliance on third parties has increased in recent years as part of the rapid digitalization taking place in the sector. While the economic benefits are attractive, Hussain noted that they can also pose systemic risks.

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