Jake Miller
A major global technology outage on Friday, 19 July 2024, affected banks, airlines, media outlets, and businesses worldwide. The issue was caused by a software update at cybersecurity firm CrowdStrike, which crashed computers running Microsoft's Windows operating system. Banks affected by the outage include Bank of America, Capitol One, Charles Schwab, TD Bank, US Bank, and Wells Fargo. While some banks experienced only minor impacts, others reported outages to their payment systems, websites, and apps. The global outage caused significant disruptions and highlighted the fragile dependence of various industries on digital service providers.
| Characteristics | Values |
|---|---|
| Date | 19 July 2024 |
| Cause | Software update at cybersecurity firm Crowdstrike |
| Affected banks | Bank of America, Capitol One, Charles Schwab, TD Bank, US Bank, Wells Fargo, Citizens Bank, KeyBank, Raymond James, Ally Financial, banks in South Africa and New Zealand |
| Impact | Online banking, mobile check deposits, funds transfers, online login, credit cards, deposits, mobile banking, ATM, account balance or transactions, login, payment systems |
| Other affected industries | Aviation, media, healthcare, retail, law enforcement, telecommunications, railway |
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What You'll Learn
- Banks affected by the global outage include Bank of America, Capitol One, and Charles Schwab
- The global outage was caused by a software update at cybersecurity firm CrowdStrike
- The outage impacted payment services and grounded flights
- Industries affected include aviation, banking, retail, and healthcare
- The global economy's fragile dependence on digital service providers was demonstrated
Banks affected by the global outage include Bank of America, Capitol One, and Charles Schwab
Several banks have been affected by global outages, including Bank of America, Capitol One, and Charles Schwab. These outages have disrupted payment services and grounded flights worldwide. While the cause of the outages is not entirely clear, they appear to be related to a broader technology outage affecting multiple organizations.
Bank of America customers have reported issues with online banking, mobile check deposits, and funds transfers. Some have received error messages when attempting to access their accounts online, while others have had transactions declined at ATMs. These issues have resulted in lengthy hold times for customer service and significant inconvenience for those impacted.
Capitol One users have also experienced difficulties with online login, deposits, and credit cards. While Capitol One acknowledged isolated issues with its app, it directed customers to use its mobile web or desktop site as alternatives.
Similarly, Charles Schwab customers have faced disruptions, particularly with its Think or Swim Web platform. However, some users noted that the mobile app was functional, allowing them to place trades and access other services.
The global outage has impacted multiple banks and their customers, causing frustration and highlighting the reliance on stable technology infrastructure in the financial sector. While some systems have been restored, the incident underscores the need for robust backup measures to minimize disruptions and ensure uninterrupted access to essential banking services.
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The global outage was caused by a software update at cybersecurity firm CrowdStrike
On 19 July 2024, a global technology outage caused by a software update at cybersecurity firm CrowdStrike affected computers running Microsoft Windows. The update contained a defect that caused problems for companies that use Microsoft Windows, with issues starting as early as midnight Eastern Time on Thursday. By early Friday morning, Microsoft had reports of successful recovery, and repairs had begun. However, the outage had already impacted various industries and services worldwide, including banks and financial institutions.
CrowdStrike provides software to thousands of companies worldwide, and its Falcon platform helps protect systems against potential threats to minimize cybersecurity risks. The company has stated that the issue was not a security incident or cyberattack and that a fix has been deployed. Despite this, the outage disrupted daily life, businesses, and governments around the world, with widespread problems across multiple countries and time zones.
In the financial sector, banks reported issues with online banking, mobile banking, deposits, funds transfers, and account access. While some banks, such as TD Bank, confirmed that their impacted systems had been restored, others, like Charles Schwab, reported intermittent slowness or unavailability of certain online functions. Users of several banks reported outages, with issues including online banking, mobile check deposits, funds transfers, and credit cards.
The global outage highlighted the fragile dependence of the global economy, especially in the aviation industry, which experienced significant disruptions and backlogs. The London Stock Exchange also saw operations grinding to a halt, and media companies and broadcasters reported issues going on air. The widespread impact of the outage has been estimated to result in a worldwide financial loss of at least US$10 billion.
The CrowdStrike outage raised questions about the centralization and oligopoly in the IT sector, with cybersecurity expert Ciaran Martin noting that the incident illustrated the fragility of the world's core internet infrastructure. The company faced lawsuits and compensation claims from affected organizations, and it testified in a U.S. House of Representatives hearing held by the House Subcommittee on Cybersecurity and Infrastructure Protection.
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The outage impacted payment services and grounded flights
A major global tech outage impacted a variety of industries and services, causing problems for airports, airlines, hospitals, and some banks and financial institutions. The outage was caused by a software update at cybersecurity firm CrowdStrike, which impacted Microsoft Windows operating systems. This, in turn, affected the operations of many organisations that use Microsoft services.
Several banks reported issues and disruptions to their services. Some of the most commonly reported problems included online banking, mobile banking, mobile check deposits, funds transfers, and online login. Banks affected included Bank of America, Capitol One, Charles Schwab, TD Bank, US Bank, and Wells Fargo.
The outage also severely impacted airlines and airports, causing flight disruptions, delays, and cancellations worldwide. Several US airlines, including American, United, and Delta, issued ground stops, slowing or grounding aircraft at various airports. Ryanair also reported issues with booking and check-in services. The London Stock Exchange operated normally but was unable to publish news on its site.
Payment systems were also affected by the outage. Some retailers, including Morrisons and Waitrose, experienced issues with payments, with some stores only accepting cash payments temporarily. Visa reported being aware of people unable to make payments and stated that they were investigating the situation.
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Industries affected include aviation, banking, retail, and healthcare
A major global IT outage disrupted several industries, including aviation, banking, retail, and healthcare. The issue was caused by a faulty software update from the cybersecurity company CrowdStrike, affecting computers running Microsoft's Windows operating system.
Aviation
The aviation industry experienced significant disruptions, with major airlines grounding flights and causing global delays. Airlines such as United, American, Delta, and Allegiant were affected, leading to long lines at airports worldwide. Ryanair also reported issues, with booking and check-in services unavailable due to a "global third-party IT outage."
Banking
Numerous banks were impacted by the outage, including Bank of America, Capitol One, Charles Schwab, TD Bank, US Bank, and Wells Fargo. Customers reported issues with online banking, mobile banking, deposits, credit cards, and funds transfers. Some banks acknowledged the issue and assured customers that their teams were working to restore full functionality.
Retail
The retail industry also faced disruptions, although the specific impact on individual retailers is unclear. However, the Belgian railway company cited IT issues impacting sales channels, demonstrating that the outage extended beyond traditional retail outlets.
Healthcare
Healthcare providers were affected by the outage, with hospitals and doctors' offices experiencing problems with their appointment systems. The Harris Health Quentin Mease Health Center in Houston canceled elective procedures and outpatient care, while Mass General Brigham in Boston canceled non-urgent surgeries, procedures, and medical visits. The University of Miami Health System remained open but warned of delays due to computer records being unavailable.
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The global economy's fragile dependence on digital service providers was demonstrated
While some major American banking systems remained largely unaffected, several banks experienced issues. These included Bank of America, Capitol One, Charles Schwab, TD Bank, US Bank, and Wells Fargo. The problems reported included online banking, mobile banking, deposits, funds transfers, account access, and transactions.
The impact of the outage varied across different banks. Some banks, like TD Bank, were able to restore most of their impacted systems, while others experienced intermittent service disruptions and longer wait times. The London Stock Exchange operated normally but could not publish news on its website.
The global outage highlighted the reliance of various sectors on digital service providers, particularly those using Microsoft cloud-based services. It caused a significant disruption to businesses and services, grounding flights, disrupting hospitals, and affecting banks' payment systems and digital services. The fallout from the outage is expected to include a wave of compensation claims and IT cleanup operations.
The incident served as a stark reminder of the global economy's vulnerability to technological disruptions and the potential consequences when critical systems fail. It underscored the importance of robust cybersecurity measures and the need for organizations to ensure the resilience of their digital infrastructure.
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Frequently asked questions
Some of the banks that were affected by the global outage include Bank of America, Capitol One, Charles Schwab, TD Bank, US Bank, and Wells Fargo.
Services such as online banking, mobile check deposits, funds transfers, online login, credit cards, and deposits were affected by the outage.
The global outage was caused by a software update at the cybersecurity firm Crowdstrike, which crashed computers running Microsoft's Windows operating system.
