A worldwide Microsoft server outage is impacting banks. Airlines, media outlets and railways have also been hugely affected.
Many airlines have grounded all of their flights as a result.
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The severity of the issues seems to vary from company to company, with some experiencing minimal inconvenience, yet some suffering greatly.
Microsoft has said that the server outage is linked to cyber security firm CrowdStrike
The impact on each industry will vary. In the banking sector, an outage can halt financial transactions. It can impact ATM withdrawals, online banking, and payment processing.
This disruption can lead to significant financial losses for consumers and institutions and have a huge change on the public trust in the financial system. The longer it lasts, the worse it gets.
The threat to public trust seems to be a recurring theme. It was only last Friday that EPI reported on major payment issues across UK supermarkets. This issue raised the question as to whether it was a sign that the country is not yet ready to go fully cashless.
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By GlobalDataBut today’s issue goes further than that. It raises the question about our security, not only that, it does so on a worldwide scale. For the second week in a row, technology failure puts people back into a more manual way of living.
With all the talk of grounded flights and crashed ticketing systems for some of the world’s biggest companies, the issue will also affect smaller businesses. Recently National Bank of Australia offered free cyber security protection to eligible small business customers for a year with global cyber firm CrowdStrike. NAB is one of the many banks to have reported issues today.
CrowdStrike will be a company that most people are only hearing about today, as a result of the crash. The company must wonder what sort of long-lasting impact this outage will have on the future of its operations.
