Insurers face business interruption claims after global tech outage

A software update by global cybersecurity firm CrowdStrikeappeared 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.“Some cyber insurance policies exclude non-malicious events, and there are waiting periods and deductibles that businesses will have to consider before making a claim with their insurance carriers,” said Nir Perry, CEO at CyberWrite, a cyber insurance risk platform.

The event could also bring with it legal claims for CrowdStrike and Microsoft. A defective update by CrowdStrike, designed to protect Microsoft Windows systems, triggered the global IT outage.“Airlines might have rights under their contracts that allow them financial or other remuneration based on the CrowdStrike outage,” said Sam Levine, senior vice president - professional and cyber solutions at specialty insurance broker CAC.

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