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Fortune 500 firms to see $5.4 billion in CrowdStrike losses: insurer Parametrix
Economic Times
·
1y ago
Medial
The recent CrowdStrike outage is expected to result in $5.4 billion in financial losses for US Fortune 500 companies (excluding Microsoft), according to insurer Parametrix. CrowdStrike's faulty software update caused widespread disruptions to internet services, impacting various industries such as airlines, banking, and healthcare. Parametrix estimates insured losses for Fortune 500 companies to range from $540 million to $1.08 billion. Despite the scale of the IT outage, the global insurance and reinsurance industry is not expected to be significantly affected, according to ratings agency Fitch.
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CrowdStrike update that caused global outage likely skipped checks, experts say
Economic Times
·
1y ago
Medial
On Friday, a routine update from cybersecurity software company CrowdStrike caused widespread disruptions as clients' computer systems crashed globally. The update was intended to enhance security against hacking, but faulty code resulted in one of the most significant tech outages in recent years. CrowdStrike issued information to fix affected systems, but experts noted that manual removal of the flawed code would take time. The incident highlights the importance of rigorous quality checks before deploying software updates. CrowdStrike's dominance, with over half of Fortune 500 companies and major government bodies as clients, magnified the global impact of the outage.
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India Needs 125 Fortune 500 Firms to Achieve $5 Trillion Target, Says Lava Founder
OutlookIndia
·
4m ago
Medial
India needs at least 125 Fortune 500 companies to bolster its economy to a $5 trillion target, according to Hari Om Rai, founder of Lava International. He emphasized the necessity of nurturing smaller firms alongside large conglomerates to achieve global competitiveness, a skilled workforce, and an equitable share of the global economy. Currently, only nine Indian companies are on the Fortune 500 list. Rai advocates for supportive policies to foster these companies' growth and skill acquisition.
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US Proposes $21 Billion Medicare Payment Boost to Insurers
Livemint
·
6m ago
Medial
The US plans to increase payments to Medicare Advantage insurers by 4.3% on average in 2026, enhancing revenue for firms like UnitedHealth, Humana, and CVS Health. This move follows insurer concerns over inadequate rates and rising medical costs. The proposed $21 billion boost contrasts with recent Biden administration efforts to limit payments. These adjustments could improve policy under the incoming Trump administration and address insurer complaints regarding risk coding policies.
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Two Chinese chip firms plan $1.7 billion IPOs, bet US export curbs to spur growth - The Economic Times
Economic Times
·
1m ago
Medial
Two Chinese AI chip startups, Moore Threads and MetaX, aim to raise a combined 12 billion yuan ($1.65 billion) through IPOs on Shanghai's STAR Market. The companies are capitalizing on U.S. export curbs, hoping to boost local demand for their GPUs. Despite recent losses due to heavy R&D, both firms see domestic growth opportunities as the U.S. intensifies chip restrictions. Founded by ex-employees of major U.S. chip firms, they compete with domestic giants like Huawei.
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Fractal To File DRHP By Sep For $600 Mn IPO At $3 Bn Valuation
Inc42
·
1y ago
Medial
The enterprise tech startup Fractal is planning to go public on the Indian stock market at a valuation of approximately $3 billion. The company's initial public offering (IPO) is expected to raise between $500 million and $600 million, with existing investors selling a significant portion of their shares. Fractal specializes in artificial intelligence and advanced analytics solutions, catering to Fortune 500 companies.
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Google-parent Alphabet cut stake in Crowdstrike before July global outage
Economic Times
·
1y ago
Medial
Alphabet, the parent company of Google, has reduced its stake in cybersecurity firm Crowdstrike before the global outage caused by a software update. Alphabet cut its stake from 855,789 shares to 427,895 class A shares. Crowdstrike has not yet responded to requests for comment. The tech outage on July 19, caused by a Crowdstrike software update, impacted various sectors and resulted in a 35% drop in Crowdstrike shares. Shareholders have sued the company over misleading assurances regarding its software. Delta Airlines claims the outage cost them $500 million and is seeking compensation from Crowdstrike and Microsoft.
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SaaS Unicorn Fractal Eyes $500 Mn IPO, To File DRHP By November
Inc42
·
10m ago
Medial
Fractal, a company offering AI and advanced analytics solutions to Fortune 100 companies, plans to raise $500 million through its IPO at a minimum valuation of $3.5 billion. The IPO is expected to take place in Q1 2025 and will likely involve a combination of fresh equity shares and offer for sale.
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CrowdStrike chaos could prompt rethink among investors, customers
Economic Times
·
1y ago
Medial
Cybersecurity company CrowdStrike experienced a major outage and botched software update which caused disruptions worldwide. The incident resulted in an 11% stock decline and raised concerns about the company's reliance. While analysts predict potential rivals like Palo Alto Networks and SentinelOne to benefit, they don't foresee significant market share losses for CrowdStrike. This incident emphasizes the complexity and vulnerability of global computing systems. Security officials expressed dissatisfaction but did not disclose plans to stop working with CrowdStrike. The company claimed it was not a security incident or cyberattack and has since deployed a fix.
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OpenAI buys a remote collaboration platform
TechCrunch
·
1y ago
Medial
OpenAI has acquired Multi, a startup specializing in video-first collaboration platforms, in a deal that will see most of Multi's team join OpenAI. Multi, previously known as Remotion, developed a platform for remote teams to collaborate through video chats, offering features such as simultaneous screen sharing for up to 10 users and customizable shortcuts. With this acquisition, OpenAI continues to invest heavily in enterprise solutions, aiming to expand its offerings beyond its flagship AI models. The company recently revealed that its enterprise tier for ChatGPT has gained significant popularity, counting nearly 600,000 users, including 93% of Fortune 500 companies.
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VaynerMedia sets up full-service ad agency in Gurugram, lured by India's economy
Livemint
·
1y ago
Medial
VaynerMedia, a US-based advertising agency, has established a full-service office in Gurugram, India. The move is a result of India's thriving economy and potential for brand growth. This marks the company's sixth office in the Asia Pacific region. Having already worked with Fortune 500 firms in India for the past two years, VaynerMedia offers services such as advertising, media planning and buying, digital marketing, social media management, and consulting. The company sees India's cultural diversity, strong economy, and growing social media landscape as a unique opportunity for brands to succeed.
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