CrowdStrike: Cybersecurity Firm Behind Global Outage

On Friday, Microsoft’s Azure cloud platform and CrowdStrike’s software fault caused global computer outages that affected airlines, banks, and media companies

The problem affected computers running the CrowdStrike software and the Windows operating system. CrowdStrike stated that it was collaborating with affected customers and had implemented a solution to the problem, resulting from an update it had distributed to Windows users.

The following are a few critical details regarding CrowdStrike:

What is CrowdStrike?

CrowdStrike provides enterprises with cloud-based security solutions. The Falcon utility, one of the causes of the outage on Friday, is responsible for detecting vulnerabilities and unusual behavior to safeguard computer systems from threats such as malware.

CrowdStrike, headquartered in Austin, Texas, was established in 2011. As of January, the company employed over 7,900 individuals and operates in over 170 countries.

The United States was responsible for nearly 70% of the over $900 million in revenue reported for the quarter ending in April.

WHAT ARE THE MAJOR CLIENTS AND COMPETITORS OF CROWDSTRIKE?

The organization’s customers include Intel, Amazon, and Google, which are subsidiaries of Alphabet. It serves approximately 29,000 clients worldwide.

Its clients include the U.S. government, Formula One team Mercedes-AMG PETRONAS, and retail behemoth Target, and its presence is spread across multiple sectors.

CrowdStrike competes with Fortinet, Palo Alto Networks, and Zscaler.

CrowdStrike’s stock versus its peers

On Friday, CrowdStrike’s shares experienced a roughly 12% decline in premarket trading. According to LSEG data, CrowdStrike’s stock price had increased by 34% this year, and its market value was $83.5 billion as of Thursday’s close. In contrast, Palo Alto Networks’ stock has increased by approximately 10% year-to-date, with a market capitalization of $104.87 billion.