Behind a massive IT failure disrupting global operations is cybersecurity company CrowdStrike Holdings Inc. Its faulty patch led to system-wide failures across various industries with financial repercussions.
CrowdStrike, despite its dominant position in ransomware protection, faced swift Wall Street backlash with shares dropping 15%, erasing $8 billion of market value. The company remains a key player controlling 18% of the market.
CrowdStrike's CEO highlighted the company's competitive edge over rivals like Microsoft, emphasizing its innovative technology and receiving increased interest after a US DHS report criticized Microsoft's security shortcomings.
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