People walk next to blacked out digital billboards at Macy's Herald Square following a global IT outage, in New York City, U.S. July 19, 2024. REUTERS/David 'Dee' Delgado/File Photo
People walk next to blacked out digital billboards at Macy's Herald Square following a global IT outage, in New York City, U.S. July 19, 2024. REUTERS/David 'Dee' Delgado/File Photo
A screen displays an error message at Macy's Herald Square following a global IT outage, in New York City, U.S. July 19, 2024. REUTERS/David 'Dee' Delgado/File Photo
A screen displays an error message at Macy's Herald Square following a global IT outage, in New York City, U.S. July 19, 2024. REUTERS/David 'Dee' Delgado/File Photo

Fortune 500 firms to see $5.4 bln in CrowdStrike losses, says insurer Parametrix

July 24th, 2024 | 10:25 AM TECH Technology 1

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By Reuters

U.S. Fortune 500 companies, excluding Microsoft (MSFT.O), will face $5.4 billion in financial losses from the recent CrowdStrike (CRWD.O) outage, insurer Parametrix said on Wednesday.

CrowdStrike's faulty update to its security software crashed computers powered by Microsoft's Windows operating system, disrupting internet services across the globe and affecting a broad swathe of industries including airlines, banking and healthcare.

Insured losses from the outage will likely total $540 million to $1.08 billion for the Fortune 500 companies, Parametrix said in a statement.

Major cyber insurer Beazley (BEZG.L) said this week it had no plans to change its guidance on its combined ratio - a key measure of underwriting profitability - after the mass IT outage.

The global insurance and reinsurance industry is likely to avoid any major financial impact from the outage, ratings agency Fitch said on Monday.

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