Largest IT outage in history expected to barely register in the economy
==========
The recent global IT outage caused by a software update is not expected to have a significant impact on the economy. While many companies may report financial losses, it is too early to determine the final tally. Stocks fell on the day of the outage, but experts believe the incident will not have obvious economic ripples. However, it has highlighted the vulnerability of an economy built on interconnected technology systems. The outage disrupted payment systems and resulted in cash-only purchases at various establishments. The incident raises concerns about the global economy's susceptibility to supply shocks and inflation. Despite the potential risks, experts believe the outage will not affect the Federal Reserve's decisions or the economic platforms of political candidates. The incident serves as a reminder of the need to protect the financial system from cyberattacks and tech failures. Regulators may consider increasing capital requirements for banks to mitigate the impact of cyber outages. The incident also underscores the importance of preparing for single points of failure and diversifying software usage to avoid widespread disruptions.
https://www.washingtonpost.com/business/2024/07/20/outage-microsoft-economy-business/
The Washington Post /
npub1nw…97m8h
2024-07-20 16:31:44
Author Public Key
npub1nwad78hejfewj63p264uf2sxh0a5az753pw7auscrlupefjtr27sp97m8hPublished at
2024-07-20 16:31:44Event JSON
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"content": "Largest IT outage in history expected to barely register in the economy\n==========\n\nThe recent global IT outage caused by a software update is not expected to have a significant impact on the economy. While many companies may report financial losses, it is too early to determine the final tally. Stocks fell on the day of the outage, but experts believe the incident will not have obvious economic ripples. However, it has highlighted the vulnerability of an economy built on interconnected technology systems. The outage disrupted payment systems and resulted in cash-only purchases at various establishments. The incident raises concerns about the global economy's susceptibility to supply shocks and inflation. Despite the potential risks, experts believe the outage will not affect the Federal Reserve's decisions or the economic platforms of political candidates. The incident serves as a reminder of the need to protect the financial system from cyberattacks and tech failures. Regulators may consider increasing capital requirements for banks to mitigate the impact of cyber outages. The incident also underscores the importance of preparing for single points of failure and diversifying software usage to avoid widespread disruptions.\n\n\n\nhttps://www.washingtonpost.com/business/2024/07/20/outage-microsoft-economy-business/",
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