CrowdStrike Admits Bug Caused Massive Global IT Outages

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CrowdStrike Admits Bug Caused Massive Global IT Outages

Benzinga07-25

Cybersecurity firm CrowdStrike Holdings Inc (NASDAQ:CRWD) has acknowledged that a bug in its safety mechanism caused last week's massive global IT outages. The issue stemmed from a flawed data update ...

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Although fixes were deployed and many systems have been restored, the incident's scale was unprecedented.According to CrowdStrike's preliminary post-incident review, an error in a Rapid Response Content configuration update went undetected, causing widespread crashes.CrowdStrike plans to improve testing of Rapid Response Content by implementing a new check to fix","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4527":"明星科技股","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","MSFT":"微软",".IXIC":"NASDAQ Composite","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","DAL":"达美航空","TQQQ":"纳指三倍做多ETF","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4581":"高盛持仓","CRWD":"CrowdStrike Holdings, Inc.","BK4504":"桥水持仓","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","IE00BZ9MQY76.HKD":"FTGF CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (HKD) ACC","BK4548":"巴美列捷福持仓","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","QID":"纳指两倍做空ETF","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","UAL":"联合大陆航空","LU1917777945.USD":"安联专题基金Cl AT Acc","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","MAR":"万豪酒店","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","SQQQ":"纳指三倍做空ETF","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","QLD":"纳指两倍做多ETF","PSQ":"纳指反向ETF","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC"},"translate_title":"CrowdStrike承认错误导致全球大规模IT中断","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UAL":1,"MAR":1,"CRWD":1,"DAL":1,".IXIC":0.9,"MSFT":0.7,"PSQ":0.6,"QID":0.6,"QLD":0.6,"SQQQ":0.6,"TQQQ":0.6,"MNQmain":0.6,"NQmain":0.6},"content_text":"Cybersecurity firm CrowdStrike Holdings Inc (NASDAQ:CRWD) has acknowledged that a bug in its safety mechanism caused last week's massive global IT outages.\nThe issue stemmed from a flawed data update that led to widespread disruptions, affecting Microsoft Corp's (NASDAQ:MSFT) Windows systems worldwide, reported Bloomberg.\nThis incident impacted crucial operations in airlines, banking, and stock exchanges across multiple countries.\nSystems were compromised for hours, leaving bankers in Hong Kong, doctors in the U.K., and emergency responders in New Hampshire unable to access vital programs.\nMicrosoft stated that over 8.5 million Windows users were affected. Although fixes were deployed and many systems have been restored, the incident's scale was unprecedented.\nAccording to CrowdStrike's preliminary post-incident review, an error in a Rapid Response Content configuration update went undetected, causing widespread crashes.\nThe company regularly issues these updates to enhance security measures against malicious activities based on customer policy configurations.\nCrowdStrike plans to improve testing of Rapid Response Content by implementing a new check to fix the faulty Content Validator.\nAlso Read: Cathie Wood's Ark Invest Snaps Up $5.3M In Beaten-Down Crowdstrike Shares\nAdditionally, the company will adopt staggered, canary deployments to test updates incrementally before a full rollout. Customers will also have more control over the timing and location of future updates.\nFollowing the outage, CrowdStrike's shares plummeted nearly 30%, significantly reducing its market value. The U.S. House Committee on Homeland Security has summoned CEO George Kurtz to explain how the company will prevent similar incidents in the future.\nThe tech outage could cost over $1 billion, but who will foot the bill remains unanswered.\nRosenblatt analyst Catharine Trebnick reiterated a Buy rating on the shares and lowered the price target by 16% from $420 to $350.\nThe faulty software update has led the analyst to revise the estimate for FY25 and FY26 as the analyst notes that despite the company's swift response and deployment of a fix, the incident's unprecedented scale and disruption across critical industries will undoubtedly have short-term repercussions.\nThe analyst sees FY25 revenue of $3.956 billion (previously $4.000 billion), EPS of $3.90 (Previously $4.03) and FY26 revenue of $4.986 billion (previously $5.016 billion), EPS of $4.75 (previously $4.92).\nThe shift of resources to customer support and remediation will end in delays in new customer acquisitions and elongated sales cycles, says the analyst.\nThe analyst expects operational expenses to rise due to remediation efforts, including seeking assistance from Deloitte to address issues with affected companies like Delta Air Lines Inc (NYSE:DAL), United Airlines Holdings Inc (NASDAQ:UAL), Marriott International Inc (NASDAQ:MAR).\nPrice Action: CRWD shares closed lower by 3.99% at $258.14 on Wednesday.\nRead Next:\n\nCrowdStrike Faces Downgrades Amid Concerns Over Pricing and Renewals Following Disruption\n\nPhoto via Shutterstock\n\"ACTIVE INVESTORS' SECRET WEAPON\" Supercharge Your Stock Market Game with the #1 \"news & everything else\" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!\nGet the latest stock analysis from Benzinga?\n\nThis article CrowdStrike Admits Bug Caused Massive Global IT Outages originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}