New York: On Friday, companies across various industries, including airlines, banking, and media, experienced a global tech outage. This disruption was linked to Microsoft’s Azure cloud platform and a software issue at the cybersecurity firm CrowdStrike.
The problem affected computers running the Windows operating system in conjunction with CrowdStrike software. CrowdStrike announced that it was actively working with affected customers and had deployed a fix for the issue, which originated from an update it had issued for Windows users.
What is CrowdStrike?
CrowdStrike is a prominent provider of cloud-based security solutions for businesses. Its flagship tool, Falcon, was one of the causes of the outage on Friday. Falcon is designed to identify unusual behavior and vulnerabilities, protecting computer systems from threats such as malware.
Founded in 2011 and headquartered in Austin, Texas, CrowdStrike operates in more than 170 countries and employed over 7,900 people as of January. The U.S. accounted for nearly 70% of the more than $900 million in revenue reported for the quarter ending in April.
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Major Clients and Competitors
CrowdStrike serves some of the world’s largest tech companies, including Alphabet’s Google, Amazon, and Intel. It boasts about 29,000 customers globally, spanning multiple sectors, with clients such as retail giant Target, Formula One team Mercedes-AMG PETRONAS, and the U.S. government.
CrowdStrike faces competition from other cybersecurity firms like Palo Alto Networks, Zscaler, and Fortinet.
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CrowdStrike’s Stock Performance
Shares of CrowdStrike fell nearly 12% in premarket trading on Friday. As of Thursday’s close, CrowdStrike had a market value of $83.5 billion, with its stock price having risen 34% this year, according to LSEG data. By comparison, Palo Alto Networks’ stock has gained about 10% year-to-date, with a market capitalization of $104.87 billion.
