Amid the major technical glitch at the US tech giant Microsoft and American cyber security company Crowdstrike disrupting slew of services across the globe, the Reserve Bank of India (RBI) releases clarification over its impact of the regulated entities.
In a statement released on late Friday evening, the central bank said, “Our assessment shows that only 10 banks and NBFCs had minor disruptions which have either been resolved or are being resolved.”
Notably, large scale outage in Microsoft Services is impacting IT systems globally leading to disruptions in various sectors.
RBI said it made an assessment of the impact of this outage on its Regulated Entities. Critical systems of most banks are not in cloud and further, only a few banks are using the CrowdStrike tool.
“Overall, the Indian financial sector in the Reserve Bank’s domain remains insulated from the global outage,” it added.
The Reserve Bank has issued an Advisory today to its Regulated Entities for taking necessary steps to remain alert and ensure operational resilience and continuity.
What is the Microsoft cloud outage all about?
Millions of Microsoft Windows users across the globe are facing the BSOD issue which stands for Blue Screen of Death error. This causes the system to suddenly shut down or restart on its own.
The outage has been traced back to a cybersecurity company called Crowdstrike which provides anti-cyberattack services to Microsoft, among other companies.
CrowdStrike is a global cybersecurity firm, that is responsible for monitoring and protecting Microsoft applications as well as services in real time from intrusions and cyberattacks.
It is to be understood that the software designed to deal cyberattacks receive frequent updates.
When CrowdStrike sent one of these updates, it included a bug in the code that caused disruptions in Windows-based systems.
Owing to this, millions of Windows computers began experiencing a bootloop, a situation where the computer starting up and shutting down at random.
While for many, it produced the blue screen of death which indicates a critical issue.
What Microsoft said on the crisis?
On the ongoing crisis, Microsoft said the preliminary root cause was a “configuration change” in a portion of its Azure backend workloads.
It caused interruption between storage and compute resources which resulted in connectivity failures that affected downstream Microsoft 365 services dependent on these connections, it said.
“Our services are still seeing continuous improvements while we continue to take mitigation actions,” Microsoft said in a post on X.
