Wall Street’s reaction to CrowdStrike’s monumental gaffe was swift. Its shares tanked as much as 15% in New York trading on Friday, wiping out almost US$8 billion ($10.76 billion) of its market value. The company is still worth nearly US$80 billion.
Behind a massive IT failure that grounded flights, upended markets and disrupted corporations around the world is one cybersecurity company: CrowdStrike Holdings.
Known as a dominant supplier of software that protects businesses from ransomware attacks, CrowdStrike was thrust into the spotlight on Friday as it struggled to fix a faulty patch that led to cascading, system-wide failures, paralysing the operations of clients ranging from banks to global retail giants to health-care systems on Friday.
