A massive global IT failure has put cybersecurity company CrowdStrike in the spotlight, as a faulty patch led to system-wide failures, grounding flights, disrupting markets, and crippling corporations worldwide. The company’s stock price plummeted 11% to $304.96, wiping out over $9 billion of its market value. CrowdStrike’s software, designed to protect businesses from ransomware attacks, is considered one of the best defenses against hacking threats, but its cost has limited its adoption to only the most critical systems. The company has since issued a fix, but the process of rebooting affected Windows machines may take days, with significant economic implications.
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