While many Americans were sleeping last night, information-technology (IT) systems were going down all around the world, including the IT systems for major airlines and banks. Experts are reportedly calling it the "largest IT outage in history." And stock market darling CrowdStrike Holdings (NASDAQ: CRWD) is right at the center of the crisis.

CrowdStrike operates a cloud-based cybersecurity software platform. Being cloud-based, an update can come out at any time. The latest update had a "defect". And this defect caused Microsoft Windows operating systems to get stuck on a "blue screen of death," unable to function properly.

Co-founder and CEO George Kurtz says that CrowdStrike already identified the problem and deployed a fix. The recovery is consequently underway. For example, United Airlines says that it's already resuming flights.

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Source Fool.com