CrowdStrike Crisis Gives Rivals Opening to Pounce

CrowdStrike has long dominated the market for cloud-based software meant to protect customers’ networks from hackers, known as endpoint detection. But a botched software update on Friday that brought businesses from airlines to banks to a screeching halt may loosen the $74 billion market capitalization company’s grip on those customers.

Several Fortune 100 corporations are considering switching to other antivirus software vendors, according to a chief information security officer at one of the companies and a second person who advises several Fortune 100 companies on cybersecurity spending, both of whom asked not to be named. Tesla CEO Elon Musk said on Friday that his company “deleted CrowdStrike from all our systems.”