Cyber Insurance Won’t Cover Billions in CrowdStrike Losses

One cyber insurance provider says affected companies may have to absorb 90% of their CrowdStrike losses.

The massive CrowdStrike outage will cost Fortune 500 companies more than $5 billion – and 80-90% of that won’t be covered by cyber insurance policies, according to cloud monitoring and insurance provider Parametrix.

Parametrix estimates that the outage that hit about 8.5 million Windows machines will cost Fortune 500 companies $5.4 billion – and that number doesn’t include Microsoft’s own costs in implementing fixes and getting machines back up and running.

More here >

Fun Fact: The article notes that CrowdStrike earned an early Pwnie award for their Epic Fail.

https://thecyberexpress.com/cyber-insurance-wont-cover-crowdstrike-losses/

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Cyber Insurance Won’t Cover Billions in CrowdStrike Losses