Megan Brooks
A major global technology outage has affected banks and financial apps worldwide. The issue was caused by a routine software update from the cybersecurity company CrowdStrike, which led to disruptions in Microsoft 365 apps and services. This resulted in service interruptions for banks in several countries, including Australia, New Zealand, South Africa, and Britain. The outage caused inconvenience and concern among customers, who sought ways to protect their accounts and money. The impact on the banking industry highlights the reliance on technology and the potential consequences of such disruptions.
| Characteristics | Values |
|---|---|
| Date of outage | 19 July 2024 |
| Cause of outage | A routine software update by the cybersecurity company CrowdStrike |
| Banks affected | NAB, Commonwealth, Bendigo, and others in Australia; banks in South Africa, New Zealand, Britain |
| Impact on banks | Service interruptions, customers unable to log into accounts |
| Other affected industries | Airlines, media companies, hospitals, retail, law enforcement, shipping |
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What You'll Learn
Banks worldwide affected
A global Microsoft outage has impacted banks worldwide. The issue was caused by a routine software update from the cybersecurity company CrowdStrike, which contained a software bug that caused problems with the Microsoft operating system. The update was intended to protect customers from hackers.
Many banks and financial apps were affected by the outage, causing service interruptions for their customers. Banks in several countries, including Australia, New Zealand, Britain, and South Africa, experienced issues. Specific banks affected include NAB, Commonwealth, and Bendigo. Some banks in the US were also impacted, although these were not named.
The London Stock Exchange reported disruptions, although trading was not impeded. Hospitals and airlines were also affected by the outage, causing delays to procedures and flights.
Microsoft has stated that they are aware of the issue and are working on a resolution. In the meantime, customers with concerns about their accounts and money can consider freezing their credit to protect against potential fraud.
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Customers unable to access accounts
A global Microsoft outage has impacted banks and financial apps worldwide. The issue, caused by a routine software update by cybersecurity company CrowdStrike, has affected Microsoft 365 apps and services. This has resulted in service interruptions for customers of several multinational banks, including disruptions in Australia, New Zealand, and Britain.
In Australia, customers of banks such as NAB, Commonwealth, and Bendigo experienced issues, while in New Zealand, people reported problems logging into their accounts at major retail banks. The London Stock Exchange also reported disruptions, although trading was not impeded.
As a result of the outage, some banks were offline, raising concerns about how to protect accounts and money. To address this, it was recommended that individuals consider freezing their credit through major credit reporting agencies like Equifax, Experian, and TransUnion. This can be done online, by phone, or by mail, with online requests being the quickest option.
The Microsoft outage caused cascading chaos, affecting almost every major business sector, including airports, flights, retail, and law enforcement. It resulted in delays and cancellations, with computers that support these services being disrupted. The issue was not a cyberattack but rather an unintended consequence of CrowdStrike's efforts to protect its customers from hackers.
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Banks' online services interrupted
A global Microsoft outage has interrupted online banking services, affecting banks worldwide. The issue was caused by a routine software update from the cybersecurity company CrowdStrike, which contained a bug that caused problems with the Microsoft operating system. This resulted in disruptions to Microsoft 365 apps and services, impacting banks and their customers.
In Australia, customers of banks such as NAB, Commonwealth, and Bendigo experienced service interruptions. Similarly, banks in New Zealand, South Africa, and Britain also faced issues, with some customers unable to log into their accounts. The London Stock Exchange reported disruptions, although trading was not impeded.
The outage has had a significant impact on the banking industry, with many multinational companies reporting service interruptions. This has caused inconvenience and concern for customers, who may be worried about protecting their accounts and money. As a result, some individuals have considered freezing their credit to prevent potential fraud or hacks.
While Microsoft worked to resolve the issue, the disruption highlighted the vulnerability of global businesses to such outages and the importance of ensuring the security and resilience of their digital infrastructure. It also underscored the need for alternative plans and backup systems to minimize the impact on customers and operations.
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Credit freezes to protect accounts
A global Microsoft outage has impacted banks, airlines, media companies, and hospitals. The issue, caused by an update from cybersecurity firm CrowdStrike, has affected banks in Australia, South Africa, New Zealand, and Britain.
Credit freezes, also known as security freezes, are a way to protect your credit accounts from fraud and identity theft. Freezing your credit limits access to your credit reports, which may help protect you from some types of credit fraud and identity theft. This means that no new credit accounts can be created in your name.
You can freeze your credit at the three major credit bureaus: Experian, TransUnion, and Equifax. Freezing your credit online is the easiest option, and it is free to do so. You do not need to create an account to request a credit freeze, and you can always unfreeze or "thaw" your credit reports for free. However, you will need to remember to unfreeze your reports before applying for a new credit card or loan, which can be done online or by phone.
Credit locks are similar to credit freezes, but they offer fewer legal protections, may cost money, and do not always cover all your credit reports.
In addition to freezing your own credit, you can also freeze your child's credit reports to protect them from identity theft and fraud.
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Microsoft 365 apps and services down
On July 19, 2024, a major worldwide technology outage affected some banks. The issue impacted Microsoft 365 apps and services, causing escalating disruptions for hours even after Microsoft said it was gradually fixing the problem. The outage was caused by a routine software update from the cybersecurity company CrowdStrike, which contained a software bug that caused issues with the Microsoft operating system.
CrowdStrike, a cybersecurity firm based in Austin, Texas, is widely used by businesses and government agencies that run on Microsoft computers. The company acknowledged the issue, stating, "CrowdStrike is aware of the reports of crashes on Microsoft ports related to the Falcon sensor," referring to its product used to block online attacks. CrowdStrike identified the problem and issued a fix early Friday, with a spokesperson from the company apologizing for the outage and assuring that they were "operating normally."
The Microsoft outage affected banks around the world, including those in Australia, New Zealand, South Africa, and Britain. People in these countries reported problems logging into their accounts at major retail banks. The outage also impacted other industries, including airlines, media outlets, hospitals, and retail. Some specific banks affected include NAB, Commonwealth, and Bendigo.
The disruption caused by the Microsoft 365 apps and services outage highlights the widespread reliance on technology in the banking and financial sectors. With many banks and financial apps affected, individuals and businesses experienced inconvenience and concern for the security of their accounts and money. As a result, there was a focus on credit freezes as a means of protection against potential hacks or fraud during such outages.
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Frequently asked questions
Banks in Australia, New Zealand, South Africa, and Britain experienced interruptions in services. In the US, banks affected by the outage include NAB, Commonwealth, and Bendigo.
The Microsoft outage was caused by a routine software update from the cybersecurity company CrowdStrike. The update contained a software bug that caused issues with the Microsoft operating system.
The outage impacted banks by disrupting their services and causing interruptions in their operations. Customers of these banks may have experienced issues accessing their accounts or conducting transactions.
