💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadUnlock them all

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

Published 07/24/2024, 06:25 AM
Updated 07/24/2024, 11:37 AM
© Reuters. 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
CRWD
-

LONDON (Reuters) - U.S. Fortune 500 companies, excluding Microsoft (NASDAQ:MSFT), will face $5.4 billion in financial losses from the recent CrowdStrike (NASDAQ:CRWD) 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.

© Reuters. 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

Major cyber insurer Beazley 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.