A software update by global cybersecurity firm CrowdStrike appeared to have triggered systems problems that grounded flights, forced some broadcasters off air and left customers without access to services such as healthcare or banking.
And not every cyber insurance policy likely has coverage for business interruption; such coverage would have to be bought separately at extra cost. Mr Perry said economic damages could reach tens of billions of dollars in such events, and added the outage should be considered an example of an “event that can produce what could be defined as an insurance catastrophe”.
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