Call us now:
The losses associated with the Crowdstrike incident will take time to collate. One expects them to be greater than Not Petya, that were reported over $10 billion. Maybe as high as $50 billion?
One wonders the effect on risk transfer going forward? Who will pick up direct and consequential losses? Insurers claims teams may have a busy time ahead.
One wonders if the incident will be a wake up call to both corporate risk managers and insurers? Who should be considering the effects of systemic technology related incidents and the small print in contracts, with MSPs and tech vendors. A question to be raised at the next Board Risk or Governance committee maybe?
It may also influence the insurer of last resort debate? Do governments have the cash to cover losses associated with systemic incidents such as Fridays?
Crowdstrike may get away with little financial damage if the small print is correct? But it won’t stop the class actions that will be filled starting this week.
@Thaddeus Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA Faisal Khan
Veritas GRC
#cybersecurity #cyberriskmanagement #risktransfer
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