A software bug that corrupted an automated update crashed computers globally.
LONDON – Global insured losses from July 19’s massive IT outage are likely to range from US$400 million to US$1.5 billion , cyber analytics firm CyberCube said on July 25.
It was “a major event for the cyber insurance market but does not come close to the destructive potential that leading insurers are holding capital against”, CyberCube said. Major cyber insurer Beazley said this week it had no plans to change its guidance on its combined ratio – a key measure of underwriting profitability – after the outage.
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