What are the lessons for insurers?
Following the CrowdStrike security update disaster, many thousands of claims on cyber policies, business interruption (BI), travel and event cancellation coverages are still being tallied. The largest IT outage in history cost an estimated US$5.4 billion in damages.
However, reports suggest insurance firms are probably off the hook.
Estimates of insured losses range between US$300 million and US$1 billion. Global reinsurance broker Guy Carpenter has reported that less than 1% of companies with cyber insurance globally were affected.