7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Cash may no longer be king but an unprecedented global outage has put paid to the idea Australia will do away with paper notes and coins anytime soon. Banks, airlines, supermarkets, media organisations and retailers were unable to operate on July 19 after an outage triggered by major cyber security firm CrowdStrike releasing a Windows software update. The ensuing IT chaos was a wake-up call, according to electronic payments systems expert Professor Steve Worthington.
Her calculation is based on consumer preference data from the RBA. The latest 2022 survey, published in June 2023, shows cash made up 13 per cent of total payments, down from 69 per cent in 2007 and 27 per cent in 2019. Dr Zhong said the CrowdStrike outage - hot on the heels of the 2023 Optus outage - didn’t change her forecast but highlighted digital vulnerabilities. “These outages and incidents, that is why we’re not transitioning overnight,” she says.
Business Finance Business Money
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Third-world': Australia's cybersecurity under the microscope after CrowdStrike chaosThe global IT outages highlight an overreliance on popular software and a need for updated legislation, some researchers say.
Read more »
Australia news live: Microsoft says CrowdStrike outage affected 8.5m Windows devicesAll the day’s news as it unfolds. Follow live
Read more »
CrowdStrike outage the greatest possible argument against a centralised societyMore than 400 years have passed since Spanish novelist Miguel de Cervantes first wrote about not putting all your eggs in one basket.
Read more »
‘The world is in meltdown’: Inside the front lines of the CrowdStrike outageIt was at about 3.30pm on an otherwise quiet and uneventful Friday that Ashwin Pal’s phone began blowing up.
Read more »
‘The world is in meltdown’: Inside the front lines of the CrowdStrike outageIt was at about 3.30pm on an otherwise quiet and uneventful Friday that Ashwin Pal’s phone began blowing up.
Read more »
‘The world is in meltdown’: Inside the front lines of the CrowdStrike outageIt was at about 3.30pm on an otherwise quiet and uneventful Friday that Ashwin Pal’s phone began blowing up.
Read more »