The Association of Mutual Funds in India (AMFI) reported on Saturday that an outage in Microsoft services disrupted operations for five asset management companies (AMCs). The outage affected several critical functions but was resolved by the end of the day.

The global Microsoft outage, which began on Friday, caused widespread disruptions, impacting flights, banks, media outlets, and various companies worldwide. The issues were traced back to a new update from CrowdStrike, a cybersecurity software firm, which affected Windows-based desktops and laptops.

AMFI stated that the affected AMCs experienced interruptions in important operational functions due to the outage. However, swift action and coordinated efforts ensured that the issues were addressed and resolved promptly.

The incident highlighted the dependency of critical financial operations on reliable IT infrastructure and the potential risks associated with widespread software updates. Despite the disruption, the mutual fund industry managed to restore normalcy, demonstrating resilience in the face of technical challenges.

The global impact of the Microsoft outage underscores the importance of robust cybersecurity measures and the need for contingency plans to mitigate the effects of such unforeseen disruptions. The affected AMCs are now working on further strengthening their IT systems to prevent similar issues in the future.