This past week, a CrowdStrike security update rendered computers unusable and underscored the fragility of modern global technology.
The little-known company is very popular in Corporate America, contributing to the severity of the global IT outage.
The morning began like any other Friday.
I had just poured my first cup of coffee and was settling into my home office when my phone buzzed. It was an alert from a financial news app: "Global IT Outage Linked to CrowdStrike Update Fault Causes Chaos."
I quickly scanned the article, my brow furrowing as I absorbed the details. A fault in an update issued by cybersecurity company CrowdStrike had triggered a cascade effect, disrupting systems worldwide.
Banks, health care providers, TV broadcasters, and airlines were all facing outages.
No sooner had I finished reading the article about the IT outage than my phone started ringing. The first call was from one of my longtime clients, Jim.
Jim is a retired engineer who relies on investments outside of his annuity for some of his income.
"Lloyd, I just heard the news. What's happening with the markets? Should I be worried?"
"Good morning, Jim," I said, keeping my tone calm and reassuring. "I'm aware of the situation. It's causing quite a stir, but let's not panic. These kinds of disruptions can cause short-term volatility, but we need to assess the long-term impact."
Jim sighed. "I just don't want to see the part of my retirement savings that's not in the annuity you sold me wiped out."
"I understand," I replied. "Remember, your portfolio is diversified to mitigate risks like this. Let's give it some time to see how the markets react. We'll make any necessary adjustments, but for now, stay calm."
After hanging up with Jim, I quickly drafted an email to all my clients, outlining the situation and advising them to remain patient. I knew this wouldn't stop the calls, but at least it would provide some initial reassurance.
The next few hours were a blur of phone calls and emails. One client after another reached out, each with their own concerns.
I attended a training meeting later in the day. One of the attendees, Dave, who is licensed to sell both securities and insurance, has sold some fixed life and annuity products along with stocks and variable annuities.
Here is his story.
Names and details have been changed to protect his clients' privacy.
The Clients Who Called
Susan, a small business owner, was frantic because she couldn't access her business accounts.
Mark, a young professional saving for his first home, was worried about his down payment fund.
Even some clients with firm annuity value guarantees for their retirement savings faced vexing problems with canceled flights and offline ATMs.
Each conversation required a delicate balance of empathy and expertise.
Around midday, Dave received a call from Maria, one of his newer clients. Maria works in the health care industry and has been diligently saving for her children's college education.
"Dave, I'm hearing that hospitals are affected by this outage. How is this going to impact my investments in health care stocks?"
"Maria, I know this is concerning," Dave said, trying to soothe her anxiety. "The health care sector is robust, and while this outage is significant, companies are working hard to restore their systems. It's important to stay focused on your long-term goals and not make any rash decisions based on short-term disruptions."
Lloyd Lofton is the founder of Power Behind the Sales and the author of 
