Sanctioned Russia emerges unscathed in global IT outage By Gleb Stolyarov
July 19, 20247:39 AM PDT
Updated 9 hours ago
Russian officials boasted on Friday that Moscow was spared the impact of the global IT systems outage because of its increased self-sufficiency after years of Western sanctions, though some experts said Russian systems could still be vulnerable.
Other "Unscathed" countries include: North Korea, Afghanistan, Eritrea, Sudan, Yemen.
From a report:Microsoft and other IT firms have suspended sales of new products in Russia and have been scaling down their operations in line with sanctions imposed over Russia's war in Ukraine, which Moscow describes as a special military operation. The Kremlin, along with companies from state nuclear giant Rosatom, which operates all of Russia's nuclear plants, to major lenders and airlines, reported no glitches amid the outage that affected international companies across the globe. "The situation once again highlights the significance of foreign software substitution," Russia's digital development ministry said. Russian financial and currency markets also ran smoothly.
Posted by msmash from the concentration-risk dept.
An anonymous reader shares a report, which expands on the ongoing global outage:The incident will exacerbate concerns about concentration risk in the cyber security industry. Just 15 companies worldwide account for 62 per cent of the market in cyber security products and services, according to SecurityScorecard. In modern endpoint security, the business of securing PCs, laptops and other devices, the problem is worse: three companies, with Microsoft and CrowdStrike by far the largest, controlled half the market last year, according to IDC.
While the US Cyber Safety Review Board dissects large cyber attacks for lessons learned, there is no obvious body charged with analysing these technical failures to improve the resilience of global tech infrastructure, said Ciaran Martin, former head of the UK's National Cyber Security Centre. The current global outage should spur clients -- and perhaps even governments and regulators -- to think more about how to build diversification and redundancy into their systems. Further reading: Without Backup Plans, Global IT Outages Will Happen Again.
Russian Rouble Stays Resilient Despite Global IT Outages Trade in the Russian rouble was largely unaffected despite global IT outages. The rouble weakened slightly against the dollar due to a global disruption involving LSEG Group's platform. Despite widespread outages, Russian banking systems remained operational, highlighting Russia's preparedness for sanctions-related disruptions.
Devdiscourse News Desk| Moscow | Updated: 19-07-2024 14:33 IST | Created: 19-07-2024 14:33 IST
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Trade in the Russian currency appeared unaffected by global IT outages on Friday, according to traders and major banks, with the rouble weakening slightly against the dollar. LSEG Group's Workspace news and data platform suffered an outage that affected user access worldwide, causing disruption across financial markets. By 0830 GMT, the rouble was 0.5% lower at 88.30 against the dollar, according to Moscow Exchange delayed data on rouble futures, used for this report because the LSEG data was not available. Widespread outages affecting banks, telecom networks and media were reported across the world, possibly linked to an issue at global cybersecurity firm Crowdstrike.
Russia's largest lender Sberbank said it did not have any problems and all the systems were functioning normally.
"Everyone has long been preparing for the possibility of Microsoft being cut off due to sanctions. The current incident is a test of how well we have prepared. So far, everything is fine. At least for the major players, and generally, there is no crying in the market," one currency trader, who did not want to be identified, told Reuters.
Russia's digital development ministry said in a statement that the global outage had highlighted the importance of Russia's import substitution in software development. Trade in the Russian rouble shifted to an over-the-counter (OTC) market on June 14 after sanctions were imposed on Moscow Exchange and its clearing agent, the National Clearing Centre (NCC), obscuring access to reliable pricing.
Against the yuan, which had already become the most traded foreign currency in Moscow before the latest sanctions were imposed, the rouble shed 0.2% to 12.05, according to an analysis of the OTC market. It was up 0.2% at 95.92 against the euro, according to the Moscow Exchange data.
Cyber Outage Jolts Global Markets, Sends Dollar Higher
The dollar surged on Friday amid a global cyber outage impacting banks, airlines, and broadcasters, causing investor unease. Despite the volatility, currency market disruptions remained limited. London's market saw significant disruptions, and technology stocks suffered amidst rate cut expectations from the Federal Reserve. The yen also experienced movements due to suspected official interventions.
The dollar surged in volatile trading on Friday as a global cyber outage affecting banks, airlines, and broadcasters unsettled investors. However, currency market volatility remained contained. London's financial hub was particularly affected, with LSEG Group experiencing disruptions in user access to some of its products. The week's risk aversion has notably impacted technology stocks , while expectations for a possible Federal Reserve rate cut in September have also pressured the dollar . This rate disparity between the U.S., Japan, and Switzerland has prompted investors to sell low-interest-rate currencies for higher-yielding assets. Meanwhile, the yen gained strength, notably through suspected interventions by Japanese authorities . Inflation data showing rising prices in Japan heightened expectations for decisive monetary action from the Bank of Japan. In the UK, retail sales data and mixed economic signals complicated the Bank of England 's rate cut considerations. (With inputs from agencies.)
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