A global IT outage caused by a faulty update from CrowdStrike has resulted in significant financial losses. According to a new report, one in four Fortune 500 companies experienced service disruptions, leading to a combined loss of $5.4 billion. The outage is considered the single largest cyber insurance loss event, with insured losses estimated to range from $400 million to $1.5 billion. All Fortune 500 airlines and roughly 75% of other major companies were affected. The damage bill from the CrowdStrike outage alone is estimated to be $1 billion, raising complex questions about compensation for affected businesses. The incident occurred between July 23 and July 25.
