RBI on global Microsoft outage: Indian banks protected, experiencing only minor disruptions

PTC News Desk: Following a widespread outage in Microsoft, the Reserve Bank of India (RBI) stated that it has carried out an extensive study to determine the impact of this disruption on its regulated firms. According to the evaluation, about ten banks and non-banking financial institutions (NBFCs) had minor interruptions; these have either been fixed or are being worked on right now, the RBI stated.

The majority of banks do not host their critical systems in the cloud, and just a small number have embraced the cybersecurity tool CrowdStrike, according to the central bank. Additionally, it sent out a warning to its regulated firms, asking them to take preventative action in order to preserve operational continuity and resilience.

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“Overall, the Indian financial sector remains insulated from the global outage,” the Reserve Bank of India stated. Worldwide IT systems experienced disruptions, impacting a number of industries, including aviation.

Global activities across a variety of industries, including aviation, media, and financial markets, were hampered by the extensive Microsoft outage. During the downtime, Akasa, IndiGo, Air India, and SpiceJet in India experienced operating difficulties. Carriers in the US, such as Allegiant, Frontier Airlines, and SunCountry, experienced service interruptions.

Also Read: CrowdStrike CEO on Global IT outage: ‘Apologies, resolution will take time’