Many airlines have grounded all of their flights as a result.

The severity of the issues seems to vary from company to company, with some experiencing minimal inconvenience, yet some suffering greatly.

Microsoft has said that the server outage is linked to cyber security firm CrowdStrike

The impact on each industry will vary. In the banking sector, an outage can halt financial transactions. It can impact ATM withdrawals, online banking, and payment processing.

This disruption can lead to significant financial losses for consumers and institutions and have a huge change on the public trust in the financial system. The longer it lasts, the worse it gets.

The threat to public trust seems to be a recurring theme. It was only last Friday that EPI reported on major payment issues across UK supermarkets. This issue raised the question as to whether it was a sign that the country is not yet ready to go fully cashless.

But today’s issue goes further than that. It raises the question about our security, not only that, it does so on a worldwide scale. For the second week in a row, technology failure puts people back into a more manual way of living.

With all the talk of grounded flights and crashed ticketing systems for some of the world’s biggest companies, the issue will also affect smaller businesses. Recently National Bank of Australia offered free cyber security protection to eligible small business customers for a year with global cyber firm CrowdStrike. NAB is one of the many banks to have reported issues today.

CrowdStrike will be a company that most people are only hearing about today, as a result of the crash. The company must wonder what sort of long-lasting impact this outage will have on the future of its operations.

An analysis of GlobalData’s Deals Database reveals that Rothschild & Co achieved the leading position by advising on six deals worth $4.2bn

Aurojyoti Bose, Lead Analyst at GlobalData, commented: “In the first half of 2024, Rothschild & Co maintained a consistent number of deals compared to the same period in 2023. However, there was a remarkable increase in the total value of these transactions. In H1 2023, the firm led as the top adviser by deal volume and continued to hold this position in H1 2024. Notably, Rothschild & Co significantly improved its ranking by deal value, moving from ninth place in H1 2023 to claim the top spot in H1 2024.

“The involvement in Masdar-Terna Energy $3.4bn M&A announced in June 2024 was pivotal for Rothschild & Co in experiencing more than three-fold jump in the total value of deals advised by it.”

HSBC occupied the second position in terms of value, by advising on $1.6bn worth of deals, followed by JM Financial with $554.7m, Clairfield International with $506.4m and Rand Merchant Bank with $506.4m.

Meanwhile, Clairfield International occupied the second position in terms of volume with six deals, followed by HSBC with five deals, Rand Merchant Bank with five deals and PwC with five deals.

Allen & Overy and White & Case were the top mergers and acquisitions (M&A) legal advisers in the Middle East & African region during the first half (H1) of 2024 by value and volume, respectively according to the latest legal advisers league table by GlobalData, which ranks legal advisers by the value and volume of M&A deals on which they advised.

This is according to the latest True Cost of Compliance report from LexisNexis Risk Solutions.

The study of 254 regulated UK financial services firms found compliance costs rose by 12% in 2023, with the vast majority of firms reporting an increase. Just 2% said costs had fallen. It means that collectively, the sector is now spending an astronomical £38.3bn on compliance each year, equivalent to Estonia’s GDP.

It is estimated that at least £36bn is laundered in the UK each year

Firm-level financial crime compliance (FCC) cost increases have largely been driven by investment in technology over the past three years, according to the report, growing at twice the rate of employee-related costs.

Technology-related roles also now, for the first time, make up over half of all FCC recruitment and training costs, up from a third in 2022, as firms build teams of technologists capable of operating the technology and interpreting the outputs. 

Increasing customer volumes was also cited as a key driver of costs, with 52% of firms reporting an increase and one in six reporting customer numbers rising by over 20%.

Despite the increase in customers, firms reported a significant drop in the cost of Know Your Customer (KYC) and identity verification operations, as an overall share of FCC costs, 22% to 15%, as automation yields process efficiency gains. Similar benefits were realised in AML screening checks, alert remediation and internal investigations.

Steve Elliot, Managing Director of LexisNexis Risk Solutions said: “This year’s study features some stand-out good news stories, with firms and their customers reaping the benefits of sustained investment in technology over the past three years. Firms appear to be implementing more thorough financial crime controls throughout the customer journey, including more rigorous checks at onboarding and placing greater emphasis on ongoing monitoring, while the increased automation should be helping them deliver better customer experiences.

“What’s particularly encouraging is that, despite around 80% of Customer Due Diligence (CDD) processes on average now being automated, there’s no sign of a slowing in investment pace, with KYC, fraud checks, alert remediation and AML screening all being earmarked as priorities for further development.”

Equitable has been focused on protecting inventions in China(CN) with one publication in Q2 2024

The China(CN) Patent Office dominates the patent grants with nearly 100% of grants. The China(CN) patent Office are among the top ten patent offices where Equitable is filings its patents. Among the top granted patent authorities, Equitable has 100% of its grants in China(CN).

International Business Machines and Microsoft could be the strongest competitors for Equitable

Paints and inks related patents lead Equitable portfolio followed by wounds

Equitable has highest number of patents in paints and inks followed by wounds.

For comprehensive analysis of Equitable's filings and grants, buy the databook here.

Rocket has been focused on protecting inventions in United States(US) with one publication in Q2 2024

The United States(US) Patent Office dominates the patent grants with nearly 100% of grants. The United States(US) patent Office are among the top ten patent offices where Rocket is filings its patents. Among the top granted patent authorities, Rocket has 100% of its grants in United States(US).

International Business Machines and Microsoft could be the strongest competitors for Rocket

Patents related to data analytics and cloud lead Rocket's portfolio

Rocket has the highest number of patents in data analytics followed by, cloud and cybersecurity. For data analytics no patents were filed and 25% of patents were granted in Q2 2024.

Secure content management related patents lead Rocket portfolio followed by communications, and security services

Rocket has highest number of patents in secure content management followed by communications, security services, data & database management, and databases.

For comprehensive analysis of Rocket's filings and grants, buy the databook here.

Arthur J. Gallagher & Co has been focused on protecting inventions in China(CN) with one publication in Q2 2024

The China(CN) Patent Office dominates the patent grants with nearly 100% of grants. The China(CN) patent Office are among the top ten patent offices where Arthur J. Gallagher & Co is filings its patents. Among the top granted patent authorities, Arthur J. Gallagher & Co has 100% of its grants in China(CN).

Siemens and Mitsubishi Electric could be the strongest competitors for Arthur J. Gallagher & Co

Patents related to industrial automation lead Arthur J. Gallagher & Co's portfolio

Arthur J. Gallagher & Co has the highest number of patents in industrial automation. For industrial automation no patents were filed and 100% of patents were granted in Q2 2024.

For comprehensive analysis of Arthur J. Gallagher & Co's filings and grants, buy the databook here.

Partners Group has been focused on protecting inventions in United States(US) with three publications in Q2 2024

The United States(US) Patent Office dominates the patent grants with nearly 100% of grants. The United States(US) patent Office are among the top ten patent offices where Partners Group is filings its patents. Among the top granted patent authorities, Partners Group has 100% of its grants in United States(US).

Nimbus Robotics could be the strongest competitor for Partners Group

In terms of grant share, Partners Group stands in third position among its competitors. Nimbus Robotics and Partners Group secured the top positions according to recent patent publication data.

Patents related to workplace safety lead Partners Group's portfolio

Partners Group has the highest number of patents in workplace safety. For workplace safety no patents were filed and 100% of patents were granted in Q2 2024.

Coats related patents lead Partners Group portfolio followed by coats

Partners Group has highest number of patents in coats followed by coats.

For comprehensive analysis of Partners Group's filings and grants, buy the databook here.

Money Forward has been focused on protecting inventions in World Intellectual Property Organization(WIPO) with one publication in Q2 2024

The World Intellectual Property Organization(WIPO) Patent Office dominates the patent filings with nearly 100% of filings. The World Intellectual Property Organization(WIPO) patent Office are among the top ten patent offices where Money Forward is filings its patents..

China Investment could be the strongest competitor for Money Forward

For comprehensive analysis of Money Forward's filings and grants, buy the databook here.

TMX Group has been focused on protecting inventions in United Kingdom(GB) with three publications in Q2 2024

The United Kingdom(GB) Patent Office dominates the patent filings with nearly 100% of filings. The United Kingdom(GB), and Canada(CA) patent Office are among the top ten patent offices where TMX Group is filings its patents. Among the top granted patent authorities, TMX Group has 100% of its grants in Canada(CA).

China Investment and Industrial and Commercial Bank of China could be the strongest competitors for TMX Group

Patents related to fintech and digitalization lead TMX Group's portfolio

TMX Group has the highest number of patents in fintech followed by, digitalization. For fintech no patents were filed and 50% of patents were granted in Q2 2024.

Exchanges related patents lead TMX Group portfolio followed by data & database management, and databases

TMX Group has highest number of patents in exchanges followed by data & database management, databases, financial service applications.

For comprehensive analysis of TMX Group's filings and grants, buy the databook here.

Western Union has been focused on protecting inventions in United States(US) with two publications in Q2 2024

The United States(US) Patent Office dominates the patent grants with nearly 100% of grants. The United States(US) patent Office are among the top ten patent offices where Western Union is filings its patents. Among the top granted patent authorities, Western Union has 100% of its grants in United States(US).

Advanced New Technologies could be the strongest competitor for Western Union

Patents related to digital banking and online banking lead Western Union's portfolio

Western Union has the highest number of patents in digital banking followed by, online banking and fintech. For digital banking no patents were filed and 11% of patents were granted in Q2 2024.

Payments related patents lead Western Union portfolio followed by bank transfers, and mobile banking

Western Union has highest number of patents in payments followed by bank transfers, mobile banking, online, and mobiles, hand-helds, pdas, smartphones.

For comprehensive analysis of Western Union's filings and grants, buy the databook here.