The 500 largest US companies by revenue (excluding Microsoft) suffered losses totalling around $5.4 billion due to the Crowdstrike failure. Insurance payouts will cover only 10-20% of the actual financial losses, Parametrix analysts calculated.
Damage from Crowdstrike’s massive outage exceeds $5 billion
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Parametrix CEO Jonathan Hatzor told Reuters that the system outage would likely be “the largest event we’ve ever seen in the cyber insurance space.” He estimates that global financial losses due to the failure could reach about $15 billion.
In mid-July, a large-scale outage occurred in Microsoft Azure: channel transmission was stopped, airports and train stations, as well as emergency services, were paralyzed. It turned out that the problem was related to an update of the corporate antivirus CrowdStrike.
It affected 8.5 million devices worldwide. According to Microsoft, this is less than 1% of all devices running the Windows operating system. CrowdStrike explained that the bug was not detected due to a bug in the diagnostic software.