Security News > 2024 > July > CrowdStrike update blunder may cost world billions – and insurance ain't covering it all
The cost of CrowdStrike's apocalyptic Falcon update that brought down millions of Windows computers last week may be in the billions of dollars, and insurance isn't covering most of that.
Parametrix says insurance might only pay out about $540 million to $1.1 billion of that hit for the Fortune 500, or between 10 and 20 percent.
On a per-company basis Y2K24 was by far the most expensive for airlines, which on average each lost $143 million, followed by the tech industry at $113 million each on average.
Outside the Fortune 500, cyber-analysis firm CyberCube reckoned the outage resulted in $15 billion worth of losses globally.
When asked about these Uber Eats gift cards, CrowdStrike told The Register they were for "Teammates and partners" only, and not for customers.
Finally, the CEO of CrowdStrike George Kurtz claimed today 97 percent of Windows systems that crashed last week from the bad update are now back online.
News URL
https://go.theregister.com/feed/www.theregister.com/2024/07/26/crowdstrike_insurance_money/
Related news
- CrowdStrike file update bricks Windows machines around the world (source)
- Faulty CrowdStrike update takes out Windows machines worldwide (source)
- CrowdStrike update crashes Windows systems, causes outages worldwide (source)
- Faulty CrowdStrike Update Crashes Windows Systems, Impacting Businesses Worldwide (source)
- Update: Worldwide IT outage due to buggy Crowdstrike sensor configuration update (source)
- Microsoft confirms CrowdStrike update also hit Windows 365 PCs (source)
- Cybercriminals Exploit CrowdStrike Update Mishap to Distribute Remcos RAT Malware (source)
- Week in review: CrowdStrike update causes widespread IT outage, critical Splunk Enterprise flaw (source)
- Fake CrowdStrike updates target companies with malware, data wipers (source)
- Microsoft releases tool to speed up recovery of systems borked by CrowdStrike update (source)