2024 Crowdstrike Outage: A Technical & Insurance Perspective

In this article, the BFL CANADA’s Risk Advisory Team looked back at the CrowdStrike incident that shook the world in July 2024.

This global IT outage affected many businesses and industries and resulted in an estimated insurable loss ranging between $400 million and $1.5 billion, making it one of the largest cyber insurance losses in the past 20 years. 

This incident has raised many questions about current cyber insurance protection and cover. What lessons can policyholders and industry experts learn from this incident? How will insurers need to adapt to this new type of risk?