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Fear is the mind killer….
$CrowdStrike (CRWD.US)$ won’t face as much litigation as most bears fear. Many of the affected companies are covered by cyber insurance policies that will cover the losses. Its considerably harder to sue for damages when you’ve already been made whole by an insurance payout. The real risk is to any of the cyber insurance companies that are on the hook, but had a less-than-strong balance sheet going into this. For Crowdstrike, this whole episode will be like what happened with Palo Alto Networks or United Health….a large short-term drop that offered an entry point into an otherwise expensive high growth stock. In 6 months, those who let the FUD overcome them will be complaining about how they wish they had Crowdstrike in their portfolios, but can no longer find an entry point…just like $Palo Alto Networks (PANW.US)$ and $UnitedHealth (UNH.US)$ .
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102379107 : there are only regards here spreading fear ..
888huat888 : Does insurance cover human mistake?
Chad Dunbar OP 888huat888 : It depends on the terms of the policy, but any exchange-listed publicly traded company shouldn’t be skimping on cybersecurity insurance coverage so much that they lack any coverage in a case like this….also, the legal department would be negligent if they didn’t insist on the coverage when reviewing the policy.
nickelrust : Yes, its not as bad as what many here are speculating.
102379107 Chad Dunbar OP : well said. and for certain industries, the regulators impose certain requirements on having cyber insurance. it is a big business and getting bigger. Berkshire Hathaway is into this.
71811517 : Crowdstrike will be the next tech overlord. In the future the subscription will increase to $1,000 per computer and they will crash their customer's system if they disagree to pay. Imagine no air travel for a week. No goods transportation for a month. No hospital for a year. They will threaten governments and stand tall as the tech conqueror like a digital Genghis Khan. Crowdstrike will be the ultimate tech singularity and will control the world like an amazing overlord. The stock price will reach $1,000 per stock even after 10 100:1 split. Crowdstrike is the future and if you don't invest now you will be demoted to a lower member of society.
Keyon Pritchett : Another all red premarket this morning. Investors be weary. Yesterday was the same...![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Nisdey : I doubt there will be much litigation at all. But not because of insurance alone.
In order for one of their customers to sue CrowdStrike for negligence or incompetence or whatever, that company's own decision makers (Think CIO, CRO and a bunch of cybersecurity "experts") will need to come clean about how all that money they were paid to "thoroughly assess and understand each organisations unique cybersecurity risk profile and attack surface area, drawing upon their decades of experience and proven track record", was basically all bullsh... not true.
Since (for some reason) they all came to the same conclusion. "Crowdstrike is the best, just use CrowdStrike, and don't worry about a thing, don't even test their updates yourself before deployment, let them handle it remotely, no problems".
We all know these senior management types have somewhat of a bro-code, so I can't see many falling on their sword and admitting to NOT actually independently testing CrowdStrike's offering. Not to mention the insurance companies whose premiums probably reflected favoritism towards people who use CrowdStrike. So this is really on the entire Cybersecurity Industry. Not just ClownStrike.