CrowdStrike or cloud strife? Why cloud monopolies are a risk to society

Opinion: The concept of ‘systemic risk’ was used in the years after the 2008 financial crisis to describe the risk from dominant and hyper-interconnected financial institutions. The interconnectedness of banks, insurers, and financial markets meant that the failure of one key player had widespread repercussions. Some institutions were deemed ‘too big to fail’.
Systemic risk isn’t particular to financial markets. It was on full display on July 18, in the usually hidden world of cloud-computing markets, when CrowdStrike, a third-party security software provider operating on Microsoft’s cloud infrastructure, released a software update that contained a disastrous bug.