Crippling IT outage that caused global chaos to cost cyber insurers up to $1.5bn

The global IT outage linked to Crowdstrike could cost the cyber insurance industry as much as $1.5 billion.

CyberCube, a specialist modelling firm for cyber risks and exposures, has estimated that it could have cost between $400 million and $1.5 billion for the standalone cyber insurance market.
This represents a loss ratio impact of somewhere between 3 per and 10 per cent on global cyber premiums of $15 billion.