View Full Version : Crowdstrike
In my professional world this is a ten alarm fire. Crowdstrike provides EDR (endpoint detection and response) software. Basically the first line of defense against the bad guys. From what I've read the problem today stemmed from a flawed update sent out to every machine their software defends. (including all of the machines managed by my employer, including my own work computer which is still not functional.) The news has reported the obvious companies that suffered. Airlines, healthcare, retailers that use it on their point of sale systems, 911 call centers, etc. The lost revenue and extra expenses companies have suffered are likely in the billions, especially once one considers all the losses associated with the airlines who couldn't put planes in the sky. Crowdstrike will be on the hook for all of that if this was truly a flawed software update. They are big enough that they likely carry a technology errors and omissions tower of insurance with somewhere between $500 million and a billion in limits spread over many layers and insurance companies. This disaster may well eat through all of that. My employer, as well as every other cyber insurer, will undoubtedly get a lot of notices of claim from insureds that use them as a result. Theoretically those will all be subrogated against Crowdstrike's insurance unless there isn't enough insurance there to cover everything. This could very well be a bankrupting event for them.
iris lilies
7-19-24, 11:25pm
Awful news.so sorry to hear about this.
Naturally, I bought some of their stock a while back. Oh well...
In my professional world this is a ten alarm fire.
Yeah, I think in everyone's world! I am hoping this is not a Covid-type event for the market.
ToomuchStuff
7-20-24, 9:45am
Customer went to the bank yesterday, and their bank was hit with this issue. The bank told them they expected to be down for two weeks.
jp, I thought of you as I remember you do cybersecurity insurance!
i had no issues with banking (Chase) or work software. We're a very small company, so we don't use CrowdStrike. Our shipping/customs brokerage software provider was affected, but only if you use their web based version. Our software is on a local server.
I couldn't mobile-deposit a check yesterday with my bank. I was wondering if that was why.
I couldn't mobile-deposit a check yesterday with my bank. I was wondering if that was why.
Probably. Some ATMs weren’t working, I saw online.
iris lilies
7-20-24, 5:26pm
DH is in Switzerland and he’s not sure if he can get home at the appointed time due to airport snafus. But it’s fine because he has a job! He’s helping his cousin sell ice cream out of his food truck. Yesterday they were in Davos for a festival. DH is the one in the red apron.
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DH is in Switzerland and he’s not sure if he can get home at the appointed time due to airport snafus. But it’s fine because he has a job! He’s helping his cousin sell ice cream out of his food truck. Yesterday they were in Davos for a festival. DH is the one in the red apron.
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Such cool pictures! He must be having a great time. He's probably not THAT upset his return flight is a bit messed up.
happystuff
7-21-24, 10:11am
What fun pics! I'm guessing he is not too worried about having to stay. Hope he has a continued good time!
iris lilies
7-21-24, 11:49am
What fun pics! I'm guessing he is not too worried about having to stay. Hope he has a continued good time!
Yes, he’s having a good time. Decades ago he vacationed in Switzerland and helped the same cousin in the food truck business. DH likes being useful, and there’s no greater way to experience the local culture than to work in it.
My ongoing regret is that DH cannot go over to Scotland for several weeks to help his female cousin renovate her Scottish cottage. She is doing major gut rehab to a small old house and doing the work herself. He would be very useful to her. But he has to stay here in the United States to finish our own house. I’m not going live forever and I want this damn house finished.
It' a little concerning to know western civilization can be brought to it's knees by a little software glitch.
I’m reading that scammers are now trying to steal personal information by posing as Crowdstrike support.
The initial numbers I’m seeing are $5 billion in losses sustained. Some of that will be covered by cyber insurance or by crowdstrike’s errors and omissions insurance. It will take a long time before all that settles out. A couple of years for the insured’s cyber policy. A couple of years beyond that if companies are hoping crowdstrike and their insurance will pay. To complicate things crowdstrike’s contracts most likely limit their liability to the value of the contract with the customer. (Pretty standard for tech contracts). So the customer’s cyber policy will end up on the hook for any loss over that amount.
I’m reading that scammers are now trying to steal personal information by posing as Crowdstrike support.
Given that crowdstrike is mainly an enterprise software hopefully this attack vector is not terribly successful.
iris lilies
7-25-24, 1:35pm
DH had no trouble at the Zürich airport, but Atlanta was a mess. I suggested he just get out of the mess and go stay in a hotel for a day or two, but he wouldn’t do that. So he arrived home at 1 o’clock in the morning after running back-and-forth between multiple gates For several hours.
this was, of course, a Black Swan event but is flying ever a good time? I think not.
gimmethesimplelife
7-25-24, 7:11pm
A few of our suppliers are having Crowdstrike issues but so far, you'd never know it on the floor and we remain almost fully stocked at the grocery store. And my investment accounts and credit union accounts are fine, as are SO's and his folks and my Mom's. Breath of relief there but I also hope you'all here are not having to deal with this.
This event? Really serves to show how vulnerable, that's right I said vulnerable, modern technology can make us. Rob
gimmethesimplelife
7-25-24, 7:13pm
DH had no trouble at the Zürich airport, but Atlanta was a mess. I suggested he just get out of the mess and go stay in a hotel for a day or two, but he wouldn’t do that. So he arrived home at 1 o’clock in the morning after running back-and-forth between multiple gates For several hours.
this was, of course, a Black Swan event but is flying ever a good time? I think not.So jealous that apparently your husband was next door to my Homeland! Did he just stay in Switzerland, any time in Austria or Italy or anywhere else outside of Switzerland? Rob
iris lilies
7-25-24, 8:37pm
So jealous that apparently your husband was next door to my Homeland! Did he just stay in Switzerland, any time in Austria or Italy or anywhere else outside of Switzerland? Rob
He was in Lichtenstein 3 times during this trip.
His relatives all live on the Austria side of Switzerland. His auntie, before her death, lived on the border of
Austria and one time when we were there, we strolled from her house across the bridge at the Rhine
river and got our passports stamped with Austria.
iris lilies
7-28-24, 12:37pm
Here is our auntie’s house a few blocks from the Austrian border. That is me on a trip many years ago.
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gimmethesimplelife
7-28-24, 8:35pm
Here is our auntie’s house a few blocks from the Austrian border. That is me on a trip many years ago.
6000Thank You for posting this, IL. Yes indeed that looks very Austrian. Rob
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