A major tech outage on Friday caused widespread disruptions across various industries, including banks and financial institutions. The issue, originating from a defect in a Windows update, affected services globally but was not a security incident or cyberattack, according to CrowdStrike CEO George Kurtz.
Key Takeaways
- A Windows update defect caused a global tech outage on Friday.
- Airports, hospitals, and financial institutions were among the affected sectors.
- Major U.S. banks and financial services reported minimal impact.
- European and Australian broadcasters faced on-air issues.
- Some 911 systems in the U.S. went down temporarily.
Impact on Financial Institutions
Despite initial concerns, most major American banking systems and stock trading platforms reported minimal impact. Charles Schwab noted intermittent slowdowns in online functionality, while TD Bank confirmed that most of its systems were restored by Friday afternoon. Visa reported no disruptions in payment processing but acknowledged some payment issues.
Other financial institutions like Citizens Bank, KeyBank, Raymond James, Interactive Brokers, Ally Financial, Edward Jones, Fidelity, Vanguard, Citi, and Robinhood reported normal operations. The New York Stock Exchange also confirmed full operational status.
Global Repercussions
The London Stock Exchange experienced issues with its news service, which was under repair by Friday morning. In South Africa, banks faced disruptions that affected card payments, while Brazilian bank Bradesco reported unstable digital services but functional ATMs.
Broader Industry Impact
The tech outage also disrupted flights and caused issues for European and Australian television broadcasters. Some 911 systems in the U.S. were temporarily down. By late Friday morning, repairs were underway, and most disruptions were being resolved.
Conclusion
While the tech outage caused significant disruptions across various sectors, the financial industry, particularly in the U.S., managed to maintain operational stability. Ongoing monitoring and repairs are expected to fully resolve any remaining issues.
