* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, September 6, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Pendulum Announce Homecoming 2026 Australian Tour – yahoo.com

    Pendulum Announces Thrilling Homecoming Tour Across Australia in 2026

    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

    Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Pendulum Announce Homecoming 2026 Australian Tour – yahoo.com

    Pendulum Announces Thrilling Homecoming Tour Across Australia in 2026

    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

    Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Counting the cost of CrowdStrike: the bug that bit billions

July 27, 2024
in Business
Counting the cost of CrowdStrike: the bug that bit billions
Share on FacebookShare on Twitter

Shweta Sharma

News

Jul 26, 20244 mins

Business ContinuityDisaster RecoveryEndpoint Protection

Cyber insurance coverage is set to cover only a fraction of the losses, leaving affected businesses to grapple with substantial uncovered expenses.

As eye-popping estimates emerge for the cost to enterprises of dealing with aftermath of last week’s CrowdStrike-induced outages, it’s crucial to break down the sources of these expenses and understand how much of the financial burden will be absorbed by cyber insurance.

Parametrix, known for its cloud monitoring and insurance solutions, has pegged the total loss for the 25% of Fortune 500 companies affected (excluding Microsoft) at a staggering $5.4 billion.

They’ll be covering most of that bill themselves, Parametrix said: “The portion of the loss covered under cyber insurance policies is likely to be no more than 10% to 20%, due to many companies’ large risk retentions, and to low policy limits relative to the potential outage loss.”

When IT hits the fan

In a high-impact scenario like the CrowdStrike goof-up, companies incur costs for multiple reasons. Experts highlight revenue lost due to downtime, increased operational expenses, and remediation costs, among others.

“Costs most likely come from loss of trading due to unavailability of systems,” said Duncan Brown, group vice president, research at IDC said. “This would be followed by loss of productivity and operational costs (such as planes and trains in the wrong place), followed by remediation activities to fix the problem, much of which require manual intervention.”

According to a study by J. Gold Associates, each affected machine, on average, would cost an organization $82.50 to fix by an internal employee. Costs may jump three-fold if the company were to hire external help. With Microsoft estimating that there were 8.5 million affected Windows machines, the remediation costs alone from the incident come to over $700 million.

Operational expenses and loss to business would differ greatly from organization to organization, and segment to segment. Parametrix, using its service monitoring sensors, estimated healthcare suffering the most at $1.94 billion in direct losses from the incident, with banking and transportation closely behind at $1.15 billion and $0.86 billion, respectively. It estimated the loss per company for these three segments at $64.60 million, $71.8 million and $143.38 million, respectively.

Chris Steffen, vice president of research at Enterprise Management Associates, said the numbers could actually be much higher. “Parametrix claims that there was only $146 million in direct loss to the airline industry,” he said. “But several airlines experienced multiple days of outage (Delta was finally cleared up and running on Wednesday this week). Even if you consider monetary fines associated with delays and rebookings, never mind brand reputation and other unrealized costs, $146 million seems very low.”

Apart from the direct losses, the additional hidden costs from the incident are likely to include customer compensation for loss of service and non-compliance fines, Brown added. Discussion on what those figures might look like are currently underway.

Additionally, there will be reputational costs to the brands experiencing customer distress. CrowdStrike itself, Steffen pointed out, was severely hit with its stock declining by more than 20%— a loss of over $15 billion in value for shareholders.

No malice, no money

Insured losses from the incident are likely to range from $0.54 billion to $1.08 billion, Parametrix estimated, assuming the ratio of insured loss to financial losses at 10-15%.

The estimate is somewhat supported by cyber-risk intelligence firm CyberCube. The firm’s Cyber Aggregation Event Response Service (CAERS) team made a general estimation of insurance payouts at around $1billion.

“CyberCube’s cyber catastrophe model estimates preliminary insured losses from theJuly 19 event for the standalone cyber insurance market at between $400 million and $1.5 billion, representing a roughly 3-10% loss ratio impact on global cyber premiums of $15 billion today,” CyberCube said in a blog post.

The non-malicious nature of the event impacts the insurance coverage triggered by policies, according to the firm. Business interruption due to ‘system failure’ is likely to be the primary loss trigger and this type of coverage is often not included as standard in many policies and, when available, is frequently subject to sub-limits, it added.

As the CrowdStrike mess starts to settle, there’s growing concern that costs might surge past current estimates. Affected businesses should pool their resources to bounce back quickly before losses snowball.

SUBSCRIBE TO OUR NEWSLETTER

From our editors straight to your inbox

Get started by entering your email address below.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CIO – https://www.cio.com/article/3478068/counting-the-cost-of-crowdstrike-the-bug-that-bit-billions.html

Tags: businessCountingCrowdStrike
Previous Post

Josh Flagg Says Ben Affleck Might Be In Escrow For New Home In Brentwood

Next Post

CISO viewpoint part 1: AI’s impact on people, policies & processes

Ecology issues $738K penalty against downtown Walla Walla Chevron owner – Union-Bulletin

Ecology issues $738K penalty against downtown Walla Walla Chevron owner – Union-Bulletin

September 6, 2025
What the science says about acetaminophen, pregnant mothers and autism – NBC News

What the science says about acetaminophen, pregnant mothers and autism – NBC News

September 6, 2025
RFK Jr accused of ‘reckless disregard for science and the truth’ in Senate hearing – The Guardian

RFK Jr. Faces Fierce Backlash for ‘Reckless Disregard for Science and Truth’ in Heated Senate Hearing

September 6, 2025
Start The Go-Go Years Today: Ignite Your Early Retirement Lifestyle – Forbes

Start The Go-Go Years Today: Ignite Your Early Retirement Lifestyle – Forbes

September 6, 2025
When Sports Teach More Than Skills – American Enterprise Institute

When Sports Teach More Than Skills – American Enterprise Institute

September 6, 2025
Abby Dow and England near record territory as Australia search for upset – The Guardian

Abby Dow and England Close in on Record as Australia Hunts for an Upset

September 6, 2025
America is getting the economy we voted for – Noah Smith | Substack

America Is Finally Experiencing the Economy We Created

September 6, 2025
Pendulum Announce Homecoming 2026 Australian Tour – yahoo.com

Pendulum Announces Thrilling Homecoming Tour Across Australia in 2026

September 6, 2025
HHS responds to report about autism and acetaminophen : Shots – Health News – NPR

HHS Addresses New Findings on Autism and Acetaminophen Use

September 6, 2025
September 2, 2025: Trump administration news – CNN

September 2, 2025: Trump administration news – CNN

September 6, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (810)
  • Economy (828)
  • Entertainment (21,705)
  • General (16,889)
  • Health (9,869)
  • Lifestyle (841)
  • News (22,149)
  • People (830)
  • Politics (835)
  • Science (16,039)
  • Sports (21,327)
  • Technology (15,808)
  • World (809)

Recent News

Ecology issues $738K penalty against downtown Walla Walla Chevron owner – Union-Bulletin

Ecology issues $738K penalty against downtown Walla Walla Chevron owner – Union-Bulletin

September 6, 2025
What the science says about acetaminophen, pregnant mothers and autism – NBC News

What the science says about acetaminophen, pregnant mothers and autism – NBC News

September 6, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version