Financial Impact of Microsoft Windows Outage
Microsoft Windows suffered a global outage last week, impacting businesses and firms across industries. While the total amount of losses incurred has not been determined yet, insurer Parametrix estimates that US Fortune 500 companies will face .4 billion in financial losses from the outage, as reported by Reuters. Parametrix stated that insured losses from the outage will likely total 0 million to .08 billion for the Fortune 500 companies.
According to the Reuters report, major cyber insurer Beazley has no plans to change its guidance on its combined ratio after the mass IT outage. Ratings agency Fitch mentioned that the global insurance and reinsurance industry is likely to avoid any major financial impact from the outage.
CrowdStrike Update Behind the Outage
Microsoft’s CrowdStrike outage impacted nearly 8.5 million Windows devices worldwide, disrupting internet services across the globe and affecting industries such as airlines, banking, and healthcare. A faulty software update from CrowdStrike, the US-based cybersecurity company, caused the disruption that crippled day-to-day operations across sectors, as confirmed by Microsoft.
Malaysia Asks for Compensation
In a separate report, Reuters mentioned that Malaysia’s digital minister has asked global tech firms Microsoft and CrowdStrike to consider compensating companies that suffered losses during the global tech outage last week. Gobind Singh Deo stated, “If there are any damages or losses, where there have been any parties that have made such claims, I’ve asked them to consider those claims and see to what extent they are able to help resolve the issue.” He also added that the government will assist on the claims where possible.
