00:00Recently, a Windows update caused cybersecurity firm CrowdStrike's Falcon Software to go down,
00:05causing massive disruptions in air travel and business. Now, in the wake of the massive IT
00:10failure, it's being reported that the outage resulted in billions of dollars of lost business,
00:15and now companies want to recoup. Reuters reported that thousands of flights were grounded and
00:20thousands of deliveries were delayed, among other disruptions to businesses. With CEO of
00:25cyber insurance firm CyberRite Nir Pari telling the news agency, economic damages could reach
00:30tens of billions of dollars. Luckily for CrowdStrike, its terms and conditions stipulate
00:35that it's only required to refund subscription fees as the result of an outage. Unlucky for
00:40insurance companies around the globe, many are now looking to them to get that money back.
00:44The largest insurance firm in the world, Marsh, told Bloomberg that since Friday's outage they
00:49have already received 75 claims from clients. Unfortunately for some businesses, not all
00:54insurance policies include coverage for non-malicious incidents. Insider reports that
00:59those who do have coverage might claim losses due to legal fees and the loss of productivity
01:03by employees due to electronic outages. With CyberRite's CEO writing on LinkedIn
01:08that this outage will be referred to in the years to come when assessing cyber insurance risk.
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