Global IT Failure Puts Cyber Firm CrowdStrike in Spotlight (1)

Behind a massive IT failure that grounded flights, upended markets and disrupted corporations around the world is one cybersecurity company: CrowdStrike Holdings Inc.

Known as a dominant supplier of software that protects businesses from ransomware attacks, CrowdStrike was thrust into the spotlight on Friday as it struggled to fix a faulty patch that led to cascading, system-wide failures, paralyzing the operations of clients ranging from banks to global retail giants to health-care systems.

The Microsoft Corp. Windows Recovery screen displayed at John F. Kennedy International Airport in New York on July 19.

Photographer: Michael Nagle/Bloomberg

Wall Street reacted to CrowdStrike’s monumental flub: It fell 11% to settle at $304.96, wiping out more than $9 billion of its market value. The company ...