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Last week, Microsoft’s systems crashed worldwide due to a vulnerability in the update of the anti-virus software CrowdStrike. Insurance company Parametrix estimates that the Fortune 500 companies in the United States (excluding Microsoft) will face economic losses of US$5.4 billion (approximately HK$42.12 billion) due to the incident, and the total insurance loss is expected to be between US$540 million and US$1.08 billion (approximately HK$4.212 billion to HK$8.424 billion).
Reuters quoted Parametrix CEO Jonatan Hatzor as saying that this network outage may be the largest cumulative event in the field of cyber insurance that the company has ever seen. This incident spread very quickly and was global.
Hatzor estimated that total global economic losses from the outage could be around $15 billion as companies try to get their computers back up to speed. Total global insured losses could be around $1.5 billion to $3 billion.
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