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Why cyber insurance plans may need to include buggy software updates

Livemint · 4m

A software update glitch from CrowdStrike caused widespread service disruptions, affecting millions of Windows-operated computers and servers worldwide. This incident highlights the need for comprehensive cybersecurity coverage, including protection against software update issues. Cyber insurance policies may cover losses resulting from software failures, but the specific terms and conditions vary. As companies rely more on cloud services and interconnected devices, they must adopt redundancies, disaster recovery plans, and multi-cloud strategies to mitigate risks and ensure uninterrupted service during outages. Additionally, the Munich Re Cyber Risk and Insurance Survey 2024 shows that most companies are not adequately protected against cyber attacks, underscoring a pressing need for stronger cybersecurity measures.