Global system failure, $5.4 billion loss for Fortune 500 companies = insurers
July 25, 2024 4:36 AM GMT+9
On the 24th, insurance company Parametrix compiled an estimate that financial losses faced by US Fortune 500 companies such as Microsoft will reach 5.4 billion dollars in relation to issues caused by the US cybersecurity company Cloud Strike that caused a global system failure.
The total amount of insured losses is expected to be 540 million to 1.08 billion dollars.
Jonathan Hatzall (CEO) of Parametrics pointed out that there is a possibility that the current failure will be “the biggest event in cyber insurance history,” and “it spread all over the world extremely quickly.” According to his estimates, economic losses due to large-scale system failures will total about 15 billion dollars worldwide, and there is a possibility that insured losses will reach about 1.5 billion to 3 billion dollars.
The total amount of insured losses is expected to be 540 million to 1.08 billion dollars.
Jonathan Hatzall (CEO) of Parametrics pointed out that there is a possibility that the current failure will be “the biggest event in cyber insurance history,” and “it spread all over the world extremely quickly.” According to his estimates, economic losses due to large-scale system failures will total about 15 billion dollars worldwide, and there is a possibility that insured losses will reach about 1.5 billion to 3 billion dollars.
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