Financial Firms Urged to Boost Resilience After CrowdStrike Outage

The FCA mandates UK companies to prepare for tech disruptions following a global incident caused by a cybersecurity provider.

Between 2022 and 2023, third-party technology issues were the leading cause of operational incidents reported to the Financial Conduct Authority (FCA).
The FCA has set a deadline of March 2025 for firms to demonstrate their ability to withstand severe but plausible tech disruptions.
A faulty update from CrowdStrike in July disrupted 8.5 million Microsoft Windows devices, affecting sectors like aviation, banking, and healthcare.
Delta Airlines is suing CrowdStrike for over $500 million in losses due to flight cancellations caused by the outage.
Industry leaders are re-evaluating their reliance on major tech providers and stressing the need for improved risk management and operational resilience.