CrowdStrike is too big to fail
5 months ago

CrowdStrike is too big to fail

Live Mint  

If you couldn’t use your laptop last week, you weren’t alone. They weren’t the only ones affected; when a CrowdStrike software update went awry, the computers and tablets of millions of people using Microsoft Windows went kaput. That’s why Congress deemed certain banks “too big to fail" and subsequently adopted new regulations and oversight in the financial system. We sought firms that are so big, interconnected or hard to replace that one’s failure would create significant, wide-ranging and potentially long-lasting consequences for the U.S. if not the world. Our report highlighted how the government might discern “systemic importance" by measuring a company’s size, role in global supply chains and market share.

Security Crowdstrike  outage  crowdstrike  economy  big  customers  firms  national  world  global  list  security  fail

History of this topic

Microsoft CrowdStrike IT outage: cybersecurity firm exec to testify before Congress on IT outage
3 months, 3 weeks ago

Microsoft CrowdStrike IT outage: cybersecurity firm exec to testify before Congress on IT outage

The Hindu  

A senior executive at cybersecurity firm CrowdStrike will testify before a U.S. House of Representatives subcommittee on September 24 on the company's faulty software update that caused a global IT outage. Adam Meyers, senior vice president for counter adversary operations at CrowdStrike, will testify before the House Homeland Security Cybersecurity and Infrastructure Protection subcommittee, the panel said Friday. "Considering the …

Experts weigh in on what the massive CrowdStrike tech outage means for Australia's rush towards a cashless economy
4 months, 3 weeks ago

Experts weigh in on what the massive CrowdStrike tech outage means for Australia's rush towards a cashless economy

Daily Mail  

Experts, pundits, punters and even cartoonists have seized on last week's massive CrowdStike tech outage to argue it shows the dangers of getting rid of physical money = but some experts still say a functionally cashless society is inevitable. Last week a worldwide tech outage threw Australia's banking, retail, travel, broadcasting, hospitality and government sectors into turmoil Sky News commentator …

CrowdStrike outage: We finally know what caused it - and how much it cost
5 months ago

CrowdStrike outage: We finally know what caused it - and how much it cost

CNN  

CNN — Insurers have begun calculating the financial damage caused by last week’s devastating CrowdStrike software glitch that crashed computers, canceled flights and disrupted hospitals all around the globe — and the picture isn’t pretty. “This incident highlights a growing risk of single points of failure,” Fitch said in a blog post, warning that such single points of failure “are …

CrowdStrike CEO called to testify to Congress over cybersecurity’s firm role in global tech outage
5 months ago

CrowdStrike CEO called to testify to Congress over cybersecurity’s firm role in global tech outage

Associated Press  

WASHINGTON — U.S. House leaders are calling on CrowdStrike CEO George Kurtz to testify to Congress about the cybersecurity company’s role in sparking the widespread tech outage that grounded flights, knocked banks and hospital systems offline and affected services around the world. “While we appreciate CrowdStrike’s response and coordination with stakeholders, we cannot ignore the magnitude of this incident, which …

CrowdStrike outage tipped to leave Australian businesses with damage bill surpassing $1 billion
5 months ago

CrowdStrike outage tipped to leave Australian businesses with damage bill surpassing $1 billion

ABC  

The financial impact on Australian businesses from CrowdStrike's IT outage could surpass $1 billion and last for weeks, according to business leaders. Home Affairs Minister Clare O'Neill said "teething issues" stemming from the outage could last "one to two weeks". "It's impacted different businesses and different sectors of the economy in wildly different ways, and the reality is we're going …

How a faulty CrowdStrike update crashed computers around the world
5 months ago

How a faulty CrowdStrike update crashed computers around the world

Associated Press  

Airlines, banks, hospitals and other risk-averse organizations around the world chose cybersecurity company CrowdStrike to protect their computer systems from hackers and data breaches. “What really causes this mess is that we rely on very few companies, and everybody uses the same folks, so everyone goes down at the same time.” The trouble with the update issued by CrowdStrike and …

Scammers will pounce on global outage caused by CrowdStrike bug, Home Affairs Minister Clare O'Neil warns
5 months ago

Scammers will pounce on global outage caused by CrowdStrike bug, Home Affairs Minister Clare O'Neil warns

ABC  

Australians have been warned scammers and hackers are trying to capitalise on CrowdStrike-triggered outages to steal personal information including bank details and to gain access to computer systems. "Criminals look to take advantage of incidents like this CrowdStrike outage, creating a sense of urgency that you need to do what they say to protect your computer and your financial information," …

Tech disruptions sparked by software update highlight the fragility of globally connected technology
5 months ago

Tech disruptions sparked by software update highlight the fragility of globally connected technology

New Indian Express  

Airlines, banks, hospitals and other risk-averse organizations around the world chose cybersecurity company CrowdStrike to protect their computer systems from hackers and data breaches. But all it took was one faulty CrowdStrike software update to cause global disruptions Friday that grounded flights, knocked banks and media outlets offline, and disrupted hospitals, retailers and other services. “This is a function of …

A massive tech outage is causing worldwide disruptions. Here’s what we know
5 months ago

A massive tech outage is causing worldwide disruptions. Here’s what we know

New Indian Express  

NEW YORK: Much of the world faced online disarray Friday as a widespread technology outage affected companies and services across industries — grounding flights, knocking banks and hospital systems offline and media outlets off air. The company says the problem occurred when it deployed a faulty update to computers running Microsoft Windows, noting that the issue behind the outage was …

A massive tech outage is causing worldwide disruptions. Here’s what we know
5 months ago

A massive tech outage is causing worldwide disruptions. Here’s what we know

Associated Press  

NEW YORK — Much of the world faced online disarray Friday as a widespread technology outage affected companies and services across industries — grounding flights, knocking banks and hospital systems offline and media outlets off air. Friday’s disruptions began when a faulty update was pushed out from CrowdStrike for one of its tools, “Falcon.” In a statement about the ongoing …

'Largest IT outage in history' sparks global chaos
5 months ago

'Largest IT outage in history' sparks global chaos

Raw Story  

A global technology outage attributed to a software update by the U.S.-based cybersecurity firm Crowdstrike sparked chaos around the world Friday as flights were grounded and healthcare, banking, and ground transportation systems experienced major disruptions. George Kurtz, the president and CEO of Crowdstrike, said in a statement Friday morning that the company is "actively working with customers impacted by a …

A worldwide IT outage disrupted airlines, banks, hospitals and businesses today
5 months ago

A worldwide IT outage disrupted airlines, banks, hospitals and businesses today

NPR  

A worldwide IT outage disrupted airlines, banks, hospitals and businesses today One of the biggest IT outages ever caused mayhem around the world today, hobbling airlines, businesses and government agencies. The glitch left employees of airlines, banks, hospitals and emergency services staring at the dreaded blue screen of death today as computers around the world were hobbled by one of …

Here's what we know about CrowdStrike, the company potentially to blame for a global tech outage
5 months ago

Here's what we know about CrowdStrike, the company potentially to blame for a global tech outage

ABC  

A technical issue related to a US-based cybersecurity firm named CrowdStrike caused computers running Microsoft software across Australia and abroad to glitch on Friday. One of the company's main products is CrowdStrike Falcon, which is described on its website as "providing real-time indicators of attack, hyper-accurate detection and automated protection" from possible cybersecurity threats. CrowdStrike Falcon is used by thousands …

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