The insurance industry is braced for losses that could run into the billions after last week’s worldwide IT outage exposed the vulnerabilities of a global economy run on a handful of software platforms.
Industries ranging from airlines to retailers were thrown into turmoil on Friday after a botched update from security firm CrowdStrike triggered one of the biggest-ever IT outages, affecting more than 8mn devices reliant on Microsoft Windows software.
Cyber experts said it was a painful reminder of the systemic nature of cyber risk, and showed how an innocuous software update could cause as much disruption as a malicious cyber attack.
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