Insurers are bracing for a wave of business interruption claims following a global tech outage that crippled industries from travel to finance, causing widespread disruptions and losses. The outage, which was triggered by a software update by cybersecurity firm CrowdStrike, has raised concerns about the potential economic damages, which could reach tens of billions of dollars. Not all businesses will be covered, as typical business interruption policies may not provide coverage against losses stemming from non-malicious events, and cyber insurance policies may exclude such events or have waiting periods and deductibles. Industry experts warn that this event should be considered an example of an insurance catastrophe.
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