Insurers face business interruption claims after global tech outage

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 44 sec. here
  • 49 min. at publisher
  • 📊 Quality Score:
  • News: 185%
  • Publisher: 92%

Canadian News News

Canada News,Breaking News Video,Canadian Breaking News

A software update by global cybersecurity firm CrowdStrike appeared to trigger systems problems that grounded flights, forced some broadcasters off air and left customers without access to vital services

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street is mostly steady as CrowdStrike tumbles following global tech outageNEW YORK (AP) — Wall Street is mostly quiet on Friday, and U.S. stocks are holding relatively steady, even if businesses around the world are scrambling to contain the effects of a disruptive technology outage .
Source: SooToday - 🏆 8. / 85 Read more »

How the CrowdStrike global IT outage affected a Canadian businessA global technology outage linked to a faulty software update has had a ripple effect on a Canadian business.
Source: CTVNews - 🏆 1. / 99 Read more »