The Market Just Crossed a Dangerous Line

The man who predicted the 2008 crash and 2020 says today's soaring markets are NOT a bubble - they're something far stranger and more dangerous. He says it's about to change everything you know about money.

CrowdStrike executive apologizes to Congress for July global tech outage

MICHAEL R. SISAK
September 25, 2024

WASHINGTON (AP) -- An executive at cybersecurity company CrowdStrike apologized in testimony to Congress for sparking a global technology outage over the summer.

"We let our customers down," said Adam Meyers, who leads CrowdStrike's threat intelligence division, in a hearing before a U.S. House cybersecurity subcommittee Tuesday.

Austin, Texas-based CrowdStrike has blamed a bug in an update that allowed its cybersecurity systems to push bad data out to millions of customer computers, setting off a global tech outage in July that grounded flights, took TV broadcasts off air and disrupted banks, hospitals and retailers.

"We're deeply sorry and we are determined to prevent this from ever happening again," Meyers told lawmakers.

CrowdStrike's faulty software update crashed about 8.5 million computers running Microsoft's Windows operating system.

Meyers said he wanted to "underscore that this was not a cyberattack" but was, instead, caused by a faulty "rapid-response content update" focused on addressing new threats. The company has since bolstered its content update procedures, he said.

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