How FireHydrant handled the SVB banking crisis

"Silicon Valley Bank (SVB) collapse" and the subsequent fallout is a historic event in banking. The incident occurred over the weekend, and SVB's collapse posed a potential risk to many companies' payrolls.

Once FireHydrant was alerted, they immediately began maneuvering through the complex incident, assigning clear roles and responsibilities to the team. They created a private Slack channel to assess the situation and invited contractors and advisors to help navigate the rapidly changing landscape.

By Monday, the FDIC had taken over the bank, leaving many companies scrambling to move their funds to a new account. FireHydrant's use of Slack and private status pages allowed them to keep all stakeholders updated on the situation, and their incident retrospective platform captured the entire operational incident for analysis in the future.