Fintech Forward Newsletter - Issue 3
07 August 2024
As the dust hasn’t quite settled on the CrowdStrike outage, with litigation under way and further lawsuits pending, organisations affected by the faulty cybersecurity update need to assess their disaster recovery and business continuity capabilities. Beyond delving into the technical root of the problem, the historic episode exposes the risk of one point of failure in IT infrastructure.
In this week’s newsletter, we take a look at what can be learned from the incident, discovering the mounting cost of the outage (particularly from a cybersecurity insurance perspective), the steps organisations should take to increase resilience, and consider whether now is the time for your business to invest in a resilience officer.
How good is your quality control and resilience?
The Corporate Governance Institute commented that although the outage made headlines on Friday morning, it was becoming old news by Saturday evening. Regardless of how the news was portrayed, the outage was ‘historic in scale’ and corporate leaders must learn from this.
Datos Insights: Crowdstrike fallout – lessons learnt
A CrowdStrike update caused a global outage, disrupting industries like healthcare, airlines and banking by triggering ‘blue screen of death’ errors on Windows systems. This incident highlights the risks of relying on a few tech companies and stresses the importance of strong change management and disaster recovery plans.
Estimated cost of Crowdstrike outage $5.4bn and rising
With a single defective cybersecurity update causing 8.5 million devices to go down worldwide, organisations will surely be looking to seek future assurances around cyber insurance policies. However, current policies likely only cover 10% to 20% of the losses.
Tip
Should you hire a resilience officer?
Some experts are encouraging firms to hire a chief resilience officer to oversee digital infrastructure, operations and services. As the digital landscape becomes more complex, is this the right move?
Webinar
Unveiling the CrowdStrike incident
Key takeaways from The European Cyber Security Organisation webinar. The event underscored ECSO’s commitment to advancing cybersecurity resilience and recovery strategies.
Report
Metia Insight Studies
Download this Metia report to understand the concerns and motivations of your audiences and customers, and how to change behaviours and achieve the outcomes you need.