Counting the cost: Economists weigh in on the major IT outage's impact on Australia
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An IT outage in Australia caused by a software upgrade error by Crowdstrike impacted banks, supermarkets, airports, and other businesses. The financial costs are expected to be tallied by economists in the coming days. Many businesses had to close or operate in a limited capacity, leading to disruptions in transactions and money flow through the economy. The economic impact is expected to be significant, potentially in the billions of dollars, although some factors may mitigate the overall impact. The outage had a limited impact on the stock market in Australia, but the US market experienced a downturn. Experts do not expect long-term economic effects unless there are threats to national security. The incident highlights the vulnerability of Australia's systems and the need for backup options. Published on July 21, 2024, by Jessica Bahr for SBS News.

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https://www.sbs.com.au/news/article/counting-the-cost-economists-weigh-in-on-the-major-it-outages-impact-on-australia/1dx3d2e5x