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Source: Global Times

[Global Times Special Correspondent Wang Pinzhi] CNN quoted Patrick Anderson, CEO of Anderson Economic Group, on the 22nd, saying that the CrowdStrike blue screen crash paralyzed many industries, including the global tourism and financial industries, and the losses may be as high as $1 billion. Insurance industry experts said that insurance companies may face a large number of business interruption claims. However, CNN also admitted that it may be too early to figure out the economic losses of this incident.

In fact, different institutions have made very different assessments of the economic losses caused by this incident. Australian News Network reported on the 22nd that the losses caused by this incident may reach at least 1.5 billion US dollars, and the losses in New South Wales, Australia alone may be as high as 200 million US dollars. On the same day, Hong Kong's South China Morning Post quoted Neil Perry, CEO of cyber insurance risk platform Cyberwrite, as saying that the economic losses caused by this incident may be as high as tens of billions of dollars.

Although CrowdStrike has publicly acknowledged the problem and apologized, it has not indicated whether it will compensate affected customers. CNN said that the customers will ask CrowdStrike for compensation and may file a lawsuit later. Dan, a technical analyst at Wedbush Securities in the United States, also said, "If you are CrowdStrike's lawyer, you may not be able to enjoy the rest of your summer."

Markos, managing director of DBRS Morningstar Global Insurance Ratings, an international credit rating agency, told the UAE's National newspaper that lawsuits against information technology suppliers and insurance institutions will increase, and ultimately part of the losses caused by the incident will be borne by the global insurance industry.

However, conventional insurance may not cover the losses caused to the company by the incident. CNN quoted industry insiders as saying that the incident was not a malicious cyber attack and was classified as a "system outage." In addition, the agreement signed between the company and its customers may have built-in exemption clauses.