One in four Fortune 500 companies experienced outages during computer outages around the world last Friday caused by a botched CrowdStrike software update — cyber insurer Parametrix estimated the total losses at $5.4 billion, reports Axios.
Image source: Glenn Carstens-Peters / unsplash.com
Each company affected by the CrowdStrike outage lost an average of about $43.6 million, according to Parametrix data — the problem affected every airline in the Fortune 500, as well as about 75% of leading banks and healthcare organizations. Total insured losses across all Fortune 500 companies ranged from $540 million to $1.08 billion; the healthcare sector suffered the largest combined losses, at about $1.9 billion, while airlines lost about $860 million.
By the end of 2023, CrowdStrike accounted for only 15% of the market in the cybersecurity software segment, but in the Fortune 500 list, this share is significantly higher – 298 companies, the developer himself said. One of the least affected industries was the software and IT services sector: only 21% of companies experienced interruptions, since most of them run on Linux, and systems of this family were not affected by the incident. And this is a positive moment, Parametrix noted, since disruptions in the work of technology companies would have created an even greater ripple effect – this sector includes the largest service providers in the world.
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