The recent CrowdStrike outage underscores how crucial operational resilience is in today’s interconnected business environment. This incident exposed vulnerabilities not just for the affected parties, but also for the entire ecosystem reliant on their services. The FCA highlighted this outage as a wake-up call, emphasising that firms must consider both direct and cascading effects in their operational resilience planning.
With the EU’s Digital Operational Resilience Act (DORA) and the UK's Operational Resilience deadlines fast approaching, financial services firms must address resilience gaps to remain compliant and secure. DORA and Operational Resilience mandates rigorous standards, including requirements for monitoring, incident management, and ICT third-party risk. The CrowdStrike incident serves as a reminder that even established providers can face disruptions, making it essential for organisations to continuously assess their dependencies on third-party technology providers.
Key lessons include the importance of:
For financial institutions, DORA and Operational Resilience sets a clear compliance path, but real-world incidents like CrowdStrike’s reveal that resilience goes beyond regulation—it’s a commitment to continuous improvement and preparedness. Firms that prioritise resilience not only meet regulatory requirements but also build greater trust with clients and stakeholders.
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