Finance officials, banks grow wary of reliance on tech providers, AI after global outage

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Such grand-scale outages have served as a wake-up call to the financial services industry, panellists tell conference.

In July, a botched software update by US cybersecurity firm CrowdStrike affected 8.5 million Windows-based devices worldwide, creating a major disruption for the airports, banks and healthcare providers that relied on its cloud computing services.“CrowdStrike is a wake-up call to say, all these security software and network monitoring tools that have a high level of privilege and access across our estate and to some extent, automatic software updates – how comfortable are we with that,” said Balbir Bakhshi, chief risk officer at the London Stock Exchange Group.“There is an opportunity to do something different in this space through a more collaborative approach.

He said that firms depend heavily on big technology companies for computing power and the ability to deal with large data sets related to AI.

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Article Details

Author / Journalist: Aileen Chuang

Category: Business

Markets: Hong Kong

Topics: Conference Risk Financial Crowdstrike Computing Providers Cloud Software Third-party Hong Major

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-31 @ 17:45:52 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 282 words

Reading Time: 2 minutes read

Sentences: 6 lines

Sentence Length: 47 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23347567

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