Atlas Insurance Update: Protecting Your Business from Cyber Threats
On July 19, 2024, a global outage caused by a flawed software update from cybersecurity firm CrowdStrike disrupted operations for millions of businesses worldwide. This significant event has highlighted the critical need for robust cyber insurance coverage.
What Happened?
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A defective update from CrowdStrike’s Falcon platform affected 8.5 million devices running Microsoft Windows.
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Industries including airlines, healthcare, government, and finance experienced major disruptions.
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CrowdStrike has issued a fix, but the recovery process may take time.
Cyber Insurance Insights:
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Early estimates suggest insured losses may reach billions, emphasizing the importance of comprehensive cyber coverage.
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Policies covering business interruption, contingent business interruption (CBI), and system failures will be key in mitigating losses.
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Noncyber policies might also be impacted, especially concerning bodily injury or property damage resulting from system failures.
Why It Matters:
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This event underscores the need to review and understand your cyber insurance policy.
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Adequate coverage ensures your business can recover from disruptions caused by both cyberattacks and non-malicious incidents.
Steps to Take Now:
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Review Your Cyber Insurance Policy: Ensure it includes coverage for system failures and business interruptions.
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Notify Your Insurer Promptly: Early notification of potential losses is crucial to preserving your rights.
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Document the Impact: Keep detailed records of the disruptions and financial losses experienced by your business.
At Atlas Insurance, we are dedicated to helping our clients navigate these challenges and secure the necessary coverage to protect their operations.
Have questions or need assistance? Contact us today!
Atlas Insurance Agency
941-366-8424
Stay protected and vigilant. Your business’s resilience starts with proactive measures.
