The cybersecurity company's shares have plummeted 23% since Friday, when its update triggered a global tech outage.
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.
Shares in CrowdStrike (CRWD), the cybersecurity firm at the epicenter of Friday's global tech outage, plunged more than 13% on Monday, as investors continue to assess the fallout from the software update that caused widespread disruption at banks, airlines, broadcasters, and many other businesses.
The CrowdStrike-Windows outage story continued to play out in airports, online and in stores Monday (July 22) with the focus now turning to the security of what used to be routine software updates.
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.
Republican representatives on Monday called on CrowdStrike CEO George Kurtz to testify after a defective software update caused disruptions across the globe. Reps. Mark Green and Andrew Garbarino said the incident serves as a "warning about the national security risks associated with network dependency," according to a letter.
U.S. House of Representatives Homeland Security Committee has called on CrowdStrike CEO George Kurtz to testify about a recent massive global outage, the Washington Post reported on Monday, citing a letter by the congressional panel.
The global insurance and reinsurance industry is likely to avoid any major financial impact from the outage sparked by CrowdStrike's glitchy security software update that disrupted internet services worldwide last week, Fitch Ratings said.
Is it time to buy CrowdStrike stock?
CrowdStrike's recent update failure impacted a large number of devices and customers. The incident creates an opportunity for competitors to gain market share if CrowdStrike loses customers or its win rate declines. SentinelOne probably stands to gain the most due to its similar offerings and small size relative to CrowdStrike.
While analysts largely expect CrowdStrike to recover from the incident given its leading position in the industry, concerns around reputational damage, a hit to new customer contracts, competition and possible legal tussles remain.
The CEO of ARK Invest swooped in to buy the dip after an update for the company's software system triggered a global tech outage.