Despite advances in cybersecurity solutions, the number and impact of cyber incidents continues to rise, with the average cost of a data breach reaching $4.88 million in 2024 and the number of confirmed data breaches hitting an all-time high I’m doing it. CrowdStrike incident in July 2024 helps ensure effective communication to assess the downstream business impact of a cyber event, establish appropriate cyber recovery objectives, and make better cyber risk management decisions It shows the need to develop functionality for
July 19, 2024: A single content update by cybersecurity software company CrowdStrike crashes more than 8.5 million systems and disrupts operations for several days at thousands of organizations around the world, including hundreds of Fortune 1000 companies. has been interrupted. CrowdStrike “glitch” becomes known and causes losses It is estimated to be over $5 billion. The CrowdStrike incident is estimated to cost insurance companies approximately $1.5 billion in payouts for business interruption, cyber failure, and system failure coverage. This is one of the biggest examples of the negative effects of accumulating cyber risks. In October 2024, Delta Air Lines, one of the many companies affected by this incident, Filed a lawsuit against CrowdStrike He claimed the power outage was “catastrophic”. They claimed this was the result of CrowdStrike’s “imposition of untested updates on customers,” which disrupted 7,000 flights and 1.3 million customers in five days. The airline claimed losses of more than $500 million.
