Here comes the wave of insurance claims for the CrowdStrike outage
Business Insider
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Contributed by: Drex DeFord
Summary
The CrowdStrike outage on Friday caused significant disruptions globally, affecting airlines, delivery services, stores, and amusement parks, with potential economic damages reaching tens of billions of dollars. CrowdStrike is liable only for refunding subscription fees and not for business interruption losses. Companies are turning to their cyber insurance policies, though payouts may be slow and less than the actual losses incurred. The incident underscores the increased reliance on and potential risks of cyber insurance, especially for large businesses with negotiated terms. Observers note the irony of the outage resulting from protective software updates and anticipate lasting impacts on the cyber insurance industry.
