Microsoft is experiencing downtime due to american cyber security firm Crowdstrike. Microsoft said the world was shocked by it today. On Friday, the company’s shares dropped by over 11%. This had a big impact on many businesses globally.
This blackout affected several devices that operated with the Windows operating systems, with ten million of users experiencing the aftermath fascinated on their screens as “the blue screen” of death.
It lasted for hours and affected ground transport, flights, banking/banking clearance, stock exchanges, brokerages, hospitals, auto/major car manufacturers, and many systems that were utilizing Microsoft services around the world.
Impact on Windows Devices
The blackout also affected media and various payment systems in different geolocations, including Australia and Great Britain, 911 services in several states of the United States, the London Stock Exchange, and the Sky News channel, which had to be turned off.
After reading this, Microsoft chief executive officer Satya Nadella tweeted about this issue on X: “Yesterday, CrowdStrike published the update that started affecting corporate IT infrastructures worldwide. Yes, we are aware of this problem and, collaborating with the Cybersecurity company CrowdStrike and the rest of the industry, we are supplying customers with technical assistance and facilitating their attempts to recover their systems.”
Governmental Interventions
India’s IT minister Ashwini Vaishnaw stated: “The cause of the disruption has been determined, and fixes have been issued to address the problem,” he also said that Cert-in, India’s Computer Emergency Response Team in managing the response and ensuring system restoration has been involved in responding to this development.
73,000 crore sunk
This would result in a drastic drop in the company’s stake in the stock market. Just before the debacle, Crowdstrike had a market capitalization of approximately $83 billion. This led to the market cap declining by $8. Consequently, the share of Market Advance Holdings dropped by $0. 8 billion. In the same course of time, the company was narrowly losing nearly 73 thousand crore rupees. This firm provides cyber security across the globe. It is a big company which has its customer base all over the world and more than thirty thousand customers.
Investor confidence is shaken
The incident that happened yesterday stifled consumer and investor confidence in the business entity. This company was known up until now as far as information technology security was concerned. This company tripled its share last year if considered in terms of its percentage in the said business. However, because of this uneasy experience, the image of the business organization dropped in the market.
What will happen next?
This is a major hit to CrowdStrike as Wedbush Security analyst Dan Ives pointed out, hitting the company’s stock. This will impact her share peculiarly, which forms one part of the foundation of a strong and stable economy. This happened as a result of a technical malfunction.
This can be a concern if the system is hacked and by the time it has been fixed the hackers have accessed users or organizations data and information. Customers revealed their response within an hour according to J P Morgan. There was also some excitement, and it seems that the situation will become normal again soon, in a few days. But by the time this happens the company along with the investors are in a state of deep loss.
