Just when the banking industry was seemingly recovering from the failure of Silicon Valley Bank (which was fueled in large part by social media), we are again being reminded of the dangers of the interconnectedness of the internet for organizations, including banks, experiencing business disruptions on a global scale related to a July 19 update to Windows released by CrowdStrike. Although most outage concerns are related to ransomware or hacker attacks, this outage appears to have been caused by a defect in a single content update for Windows. For banks, this is a stark reminder of the need for redundancy and business resumption policies.
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