Subj : CrowdStrike claws back market value after triggering largest IT o
To   : All
From : TechnologyDaily
Date : Mon Jan 06 2025 12:15:05

CrowdStrike claws back market value after triggering largest IT outage in 
history

Date:
Mon, 06 Jan 2025 12:01:00 +0000

Description:
Despite taking a heavy hit after the July 2024 outage, CrowdStrikes market 
value is now close to where it was previously

FULL STORY
======================================================================CrowdStr
ike says it has regained $30 million in market value as share prices climb 
The company retained 97% of its customers following July 2024 outage 
CrowdStrike says accountability and swift action helped recovery 

CrowdStrike has revealed it has succesfully regained much of the market value 
it lost following the major July 2024 outage affecting its products. 

Shares in the company had dropped to a low of $217.89 as a result of a drop 
in investor confidence, however CrowdStrike has been working hard to rectify 
that. 

Now, shares are approaching $360 as the company begins to restore its market 
trust, regaining $30 billion in value since the incident. CrowdStrike 
recovery 

The company says the increase has been mainly helped by customer satisfaction 
 in the incidents financial quarter, the company still managed to retain 97% 
of its customers. 

CEO George Kurtz told the Financial Times in an interview: Customers are 
staying with us. 

He added: We had one customer say that broken bones heal stronger and they 
dont expect this to reoccur. Conversely, from a competitor standpoint, that 
hasnt gone through something like this, theres probably more risk. 

Despite signs of restoration, CrowdStrike did receive its fair share of 
criticism, including a $500 million lawsuit by Delta Airlines , one of the 
hardest affected companies, which saw more than 7,000 flights grounded as 
part of the widespread outage that broke an estimated 8.5 million Windows 
servers . 

Although the effects were felt globally, SVP Adam Meyers stressed in a 
hearing that the incident was not the result of a cyberattack, reinforcing 
the companys commitment to cybersecurity in a year that saw increasing 
threats fuelled by generative AI. 

The companys quick reaction and acceptance of accountability also helped to 
restore confidence. Mauricio Sanchez, senior director of enterprise security 
and networking research at DellOro Group, said (via Cybersecurity Drive ): 
Kurtzs quick apology for a defective software update is rare in cybersecurity 
 I cant think of any other case  but reflects a growing trend of corporate 
accountability. 

The CEO took to a company blog post to sincerely apologize for the incident 
just days after it occurred, highlighting the importance of customer and 
partner trust and confidence. You might also like CrowdStrike reveals what 
went wrong  and it's pretty much what we expected Check out our roundup of 
the best endpoint protection software Give your workers more cybersecurity 
knowledge with the best online learning platforms



======================================================================
Link to news story:
https://www.techradar.com/pro/crowdstrike-claws-back-market-value-after-trigge
ring-largest-it-outage-in-history


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