Get the latest tech news

Insured losses from CrowdStrike outage could reach US$1.5 billion

Counting the costs of IT outage.

A software bug in cyber security firm CrowdStrike's quality-control system caused the software update that crashed computers globally, the US firm said this week, as losses mount following disruption to services from aviation to banking. Major cyber insurer Beazley said this week it had no plans to change its guidance on its combined ratio - a key measure of underwriting profitability - after the outage. The global insurance and reinsurance industry is likely to avoid any major financial impact from the outage, ratings agency Fitch said.

Get the Android app