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What is CrowdStrike, the cybersecurity company behind the global Microsoft outages?
Crowdstrike, a cybersecurity firm headquartered in Austin, Texas, is linked to the Microsoft outage affecting airlines, banks and other businesses worldwide on Friday.
The company provides antivirus software to Microsoft for its Windows devices, and many industries globally — from banking to retail to health care — use the company’s software to protect against breaches and hackers.
The outages Friday were connected to “a defect found in a single content update for Windows hosts,” CrowdStrike CEO George Kurtz said in a statement. The issue was “not a security incident or cyberattack,” he said, and Mac and Linux hosts were not affected.
“It’s wild that one security update can have such a ripple effect, but it shows how interconnected and fragile a lot of the technology infrastructure that’s used around the world is,” Adam Satariano, a technology correspondent for The New York Times, said Friday on “CBS Mornings.”
CNBC’s Jim Cramer noted in an interview with CrowdStrike’s Kurtz on Friday that the company has a “stellar reputation.” Founded in 2011, it operates in over 170 countries, has about 29,000 customers and reported more than $900 million in revenue for the quarter that ended in April, according to Reuters.
CrowdStrike not only provides security software to industries, but also investigates hacks and tracks hackers. It describes itself as “a leader in protecting customers around the world from cyber threats” and said “it is common for organizations to hire third-party industry experts, like CrowdStrike, to investigate and remediate cyber attacks when they suspect a breach even if they are collaborating with law enforcement.”
The firm investigated the Russian hack on Democratic National Committee computers in 2016, and it says it has also tracked North Korean hackers for years.
When CBS News called CrowdStrike’s technical support line Friday, a pre-recorded message said the company was aware of reports of crashes on Microsoft systems related to its Falcon Sensor software.
Kurtz said Friday a fix has been deployed for the issue. And in an interview with CNBC’s Cramer, he apologized to every organization, person and group it has impacted.
“This was not a code update,” Kurtz said. “This was actually an update of content. And what that means is there’s a single file that drives some additional logic on how we look for bad actors, and this logic was pushed out and caused an issue only in the Microsoft environment specific to this bug that we had.”
“We identified this very quickly and rolled back this particular content file,” he said.
He said many systems can be rebooted “and the problem goes away and is fixed,” while other systems will take more time to recover — “hours” or “a little bit longer.”
“We’re working individually with each and every customer to make sure that we can get them up and running and operational,” Kurtz said.
The company’s shares were down 12.6% in premarket trading.
Certain boxes of waffles sold at Costco Wholesale stores in the Midwest are being recalled because they may contain plastic, according to a notice by supplier Kodiak Cakes.
The recall involves Kodiak Power Waffles Buttermilk & Vanilla 40 count with the UPC code 705599019203 and a use-by date of Jan. 10, 2026, and only impacts products with the lot code 24193-WL4 and a time stamp of 12:00-23:00, according to the Park City, Utah-based company.
The recalled products were sold at Costco warehouses in 13 states: Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin.
The action was initiated “due to the potential presence of soft plastic film,” according to Kodiak, which noted that no injuries or illnesses had been reported.
Those who purchased the recalled product can return it to their local Costco for a refund.
People with questions can email Kodiak at: flapjacks@kodiakcakes.com or call 801-328-4067. Messages will be returned between 8 a.m. and 5 p.m. Mountain time, Monday through Friday.
Tyson Foods is misleading shoppers and investors over its ability to reach “net-zero” carbon emissions by 2050 as well take other steps aimed at protecting the environment.
Tyson, the world’s second-biggest meat processor, should have to curtail its climate claims or release a substantial plan to support its claims, according to a lawsuit filed on Wednesday by the Environmental Working Group. The complaint is part of an effort to “hold the biggest, most powerful contributors to the climate crisis — across industries — accountable for greenwashing,” EWG stated.
Tyson Foods has said since 2021 that it would hit net-zero emissions — the point at which the amount of greenhouse gases a company emits is offset by the emissions that are removed from the atmosphere — by 2050 by using more renewable energy and no longer contributing to deforestation.
The Arkansas-based meat company also sells a brand of “climate-friendly” beef that Tyson says is made with 10% fewer emissions than conventional meat.
A spokesperson said Tyson does not comment on litigation, but defended the company’s “long history of sustainable practices.”
The suit against Tyson was filed in Washington, D.C., which has a consumer protection law in place that lets consumer groups sue companies for false advertising.
The same claim of greenwashing — a term attributed to environmentalist Jay Westerveld that refers to making false or misleading statements about the environmental benefits of a product or service — was made in February in a suit filed by New York State Attorney General Letitia James against JBS, the world’s largest beef producer, over its claim it would reach net-zero emissions by 2040.
James’ suit against the Brazilian meat conglomerate came after Earthjustice successfully challenged JBS’ environmental messaging before an ad industry self-regulatory organization in 2023.
Livestock production accounts for 14.5% of all greenhouse gas emissions globally, with cattle responsible for two-thirds of the total, according to the United Nations Food and Agriculture Organization.
The Science-Based Targets Initiative, a UN-backed agency that reviews net-zero goals, is calling for the food and agricultural sector to reduce its emissions by 3% annually between 2020 and 2030.
Delta Air Lines last year dismissed as “without legal merit” a suit filed by a passenger that alleged the airline’s claim to be “the world’s first carbon-neutral airline” to be marketing spin. Coca-Cola is currently defending itself in a similar case in which the beverage make is accused of overstating its recycling efforts.
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A cooler rate climate benefits a wide range of borrowers. From prospective homebuyers to current owners looking to refinance to those saddled with high rates on personal loans and credit cards, lower rates offer a welcome economic reprieve. They also require a different approach than what many have been accustomed to in recent years. And with the Federal Reserve officially cutting its federal funds rate for the first time in four years on Wednesday, now could be that time.
For those considering borrowing from their home equity, there are multiple options available. But a home equity line of credit (HELOC) is arguably the best and most cost-effective way to do so right now, particularly compared to home equity loans and cash-out refinancing. Below, we’ll detail why you should strongly consider borrowing with a HELOC as the Fed begins to cut interest rates.
Start by seeing how low of a HELOC rate you could secure here.
Why you should open a HELOC as the Fed cuts rates
A HELOC, for much of the last two years, has arguably been a less beneficial way to borrow from your home equity than a home equity loan. That’s because the latter comes with a fixed rate that will only change if refinanced. And that was a major advantage in a climate in which rates were raised numerous times between 2022 and 2023.
But that environment looks to be changing now.
With the first rate cut since 2020 issued this week, and two additional ones likely for November and December (when the Fed meets again), a HELOC could take the preferential place of home equity loans.
That’s because HELOC rates are variable and subject to change as the rate climate does (usually every month). That’s a drawback when rates are high and rising but now becomes a distinct advantage as rates cool again. With a HELOC, borrowers will automatically see their rate fall without having to refinance on their own.
Not only will they then save with a lower rate, but they’ll also save out-of-pocket costs if they had pursued a home equity loan. That’s because home equity loans come with closing costs to refinance (1% to 5% of the loan’s value, on average). But if you pursue a HELOC, you can add those savings to what you’ve already got back with the rate drops.
It’s not a perfect trade-off, and right now, home equity loans have better rates than HELOCs (8.46% versus 9.26%). But if you’re looking to position yourself for maximum savings ahead of additional rate cuts, a HELOC may be best to open now.
Get started with a HELOC today.
Don’t forget the tax benefits
A HELOC, in addition to the variable rate nature that benefits borrowers right now, also comes with tax advantages. Specifically, you can deduct the interest paid on the line of credit if you use it for eligible home repairs and renovations. At the same time, home equity loans also come with the same tax benefit. So carefully consider your intended use before getting started and don’t make this the deciding factor considering both options offer the same tax feature.
The bottom line
A HELOC could soon become the preferential home equity borrowing option, if it isn’t already. With a variable interest rate that is set to decline as overall rates do, borrowers could be well-positioned to realize additional savings in the future without having to do any of the work (or pay for any of the costs) associated with refinancing a home equity loan. But both borrowing options do have tax benefits, and other unique features, so weigh them carefully against one another to better determine which one is the right fit for you now.