First insured loss estimates emerge from major worldwide IT outage

Lloyd’s coverholder Parametrix, a provider of downtime insurance, has unveiled the first insured loss estimates from the recent Crowdstrike-driven global IT outage, with Fortune 500 companies facing the heaviest financial hit. CEO Jonatan Hatzor emphasised the need for insurers to diversify cyber risk portfolios and manage aggregation risk to minimise the potential impacts of systemic events.