Wall Street Firms Weather Massive Internet Outage

Although damaged cables under the Mediterranean Sea shut down or severely slowed down internet service today across India, Egypt and the Middle East, Wall Street firms with IT staff and outsourcing projects in India seem to have been been well served by their network backups.At the Bank of New York, "[The firm] maintains redundant circuits, so we moved traffic to another circuit when the other was impacted," says spokesman Ron Gruendl. "There has been no reported business impact to our global operations, and we continue to monitor our Internet traffic. We will be holding frequent calls on this matter and will invoke any appropriate cross-regional business plan if the situation warrants."

The story from Citigroup was similar. "Citi's backup links were functioning during the period when the telecom providers were fixing the network outage, says spokesperson Amalia Duarte. "There was hardly any impact to Citi customers, and we're back to business as usual."