www.parametrixinsurance.com Open in urlscan Pro
3.233.126.24  Public Scan

Form analysis
1 forms found in the DOM

Name: wf-form-Cookie-Preferences — GET

<form id="cookie-preferences" name="wf-form-Cookie-Preferences" data-name="Cookie Preferences" method="get" class="fs-cc-prefs_form" data-wf-page-id="64d4fdf3c2fb3c2da4fc03d4" data-wf-element-id="ec92820d-0a7b-fde7-7e95-62e66a5f90c8"
  aria-label="Cookie Preferences">
  <div fs-cc="close" class="fs-cc-prefs_close" role="button" tabindex="0">
    <div class="fs-cc-prefs_close-icon w-embed"><svg fill="currentColor" aria-hidden="true" focusable="false" viewBox="0 0 16 24">
        <path d="M9.414 8l4.293-4.293-1.414-1.414L8 6.586 3.707 2.293 2.293 3.707 6.586 8l-4.293 4.293 1.414 1.414L8 9.414l4.293 4.293 1.414-1.414L9.414 8z"></path>
      </svg></div>
  </div>
  <div class="fs-cc-prefs_content">
    <div class="fs-cc-prefs_space-small">
      <div class="fs-cc-prefs_title">Privacy Preference Center</div>
    </div>
    <div class="fs-cc-prefs_space-small">
      <div class="fs-cc-prefs_text">When you visit websites, they may store or retrieve data in your browser. This storage is often necessary for the basic functionality of the website. The storage may be used for marketing, analytics, and
        personalization of the site, such as storing your preferences. Privacy is important to us, so you have the option of disabling certain types of storage that may not be necessary for the basic functioning of the website. Blocking categories
        may impact your experience on the website.</div>
    </div>
    <div class="fs-cc-prefs_space-medium">
      <a fs-cc="deny" href="#" class="fs-cc-prefs_button fs-cc-button-alt w-button" role="button" tabindex="0">Reject all cookies</a><a fs-cc="allow" href="#" class="fs-cc-prefs_button w-button" role="button" tabindex="0">Allow all cookies</a></div>
    <div class="fs-cc-prefs_space-small">
      <div class="fs-cc-prefs_title">Manage Consent Preferences by Category</div>
    </div>
    <div class="fs-cc-prefs_option">
      <div class="fs-cc-prefs_toggle-wrapper">
        <div class="fs-cc-prefs_label">Essential</div>
        <div class="fs-cc-prefs_text"><strong>Always Active</strong></div>
      </div>
      <div class="fs-cc-prefs_text">These items are required to enable basic website functionality.</div>
    </div>
    <div class="fs-cc-prefs_option">
      <div class="fs-cc-prefs_toggle-wrapper">
        <div class="fs-cc-prefs_label">Marketing</div><label class="w-checkbox fs-cc-prefs_checkbox-field"><input type="checkbox" id="marketing-2" name="marketing-2" data-name="Marketing 2" fs-cc-checkbox="marketing"
            class="w-checkbox-input fs-cc-prefs_checkbox"><span for="marketing-2" class="fs-cc-prefs_checkbox-label w-form-label">Essential</span>
          <div class="fs-cc-prefs_toggle"></div>
        </label>
      </div>
      <div class="fs-cc-prefs_text">These items are used to deliver advertising that is more relevant to you and your interests. They may also be used to limit the number of times you see an advertisement and measure the effectiveness of advertising
        campaigns. Advertising networks usually place them with the website operator’s permission.</div>
    </div>
    <div class="fs-cc-prefs_option">
      <div class="fs-cc-prefs_toggle-wrapper">
        <div class="fs-cc-prefs_label">Personalization</div><label class="w-checkbox fs-cc-prefs_checkbox-field"><input type="checkbox" id="personalization-2" name="personalization-2" data-name="Personalization 2" fs-cc-checkbox="personalization"
            class="w-checkbox-input fs-cc-prefs_checkbox"><span for="personalization-2" class="fs-cc-prefs_checkbox-label w-form-label">Essential</span>
          <div class="fs-cc-prefs_toggle"></div>
        </label>
      </div>
      <div class="fs-cc-prefs_text">These items allow the website to remember choices you make (such as your user name, language, or the region you are in) and provide enhanced, more personal features. For example, a website may provide you with
        local weather reports or traffic news by storing data about your current location.</div>
    </div>
    <div class="fs-cc-prefs_option">
      <div class="fs-cc-prefs_toggle-wrapper">
        <div class="fs-cc-prefs_label">Analytics</div><label class="w-checkbox fs-cc-prefs_checkbox-field"><input type="checkbox" id="analytics-2" name="analytics-2" data-name="Analytics 2" fs-cc-checkbox="analytics"
            class="w-checkbox-input fs-cc-prefs_checkbox"><span for="analytics-2" class="fs-cc-prefs_checkbox-label w-form-label">Essential</span>
          <div class="fs-cc-prefs_toggle"></div>
        </label>
      </div>
      <div class="fs-cc-prefs_text">These items help the website operator understand how its website performs, how visitors interact with the site, and whether there may be technical issues. This storage type usually doesn’t collect information that
        identifies a visitor.</div>
    </div>
    <div class="fs-cc-prefs_buttons-wrapper"><a fs-cc="submit" href="#" class="fs-cc-prefs_button w-button" role="button" tabindex="0">Confirm my preferences and close</a></div><input type="submit" data-wait="Please wait..."
      class="fs-cc-prefs_submit-hide w-button" value="Submit">
    <div class="w-embed">
      <style>
        /* smooth scrolling on iOS devices */
        .fs-cc-prefs_content {
          -webkit-overflow-scrolling: touch
        }
      </style>
    </div>
  </div>
</form>

Text Content

HomeBrokersAnalyticsResourcesCompany
Contact Us
BrokersResourcesAnalytics

Company


Contact Us
Press Release
July 24, 2024

CROWDSTRIKE TO COST FORTUNE 500 $5.4 BILLION



NEW YORK —July 24, 2024—  Parametrix, the leading provider of cloud monitoring,
modeling, and insurance services, estimates that the total direct financial loss
facing the US Fortune 500 companies (excluding Microsoft) from the CrowdStrike
outage on 19 July is $5.4 billion. The portion of the loss covered under cyber
insurance policies is likely to be no more than 10% to 20%, due to many
companies’ large risk retentions, and to low policy limits relative to the
potential outage loss. The weighted average loss is $44 million per Fortune 500
company, but ranges from $6 million (manufacturing companies) to $143 million
(airlines).

‍

In-depth analysis by Parametrix estimates that the largest direct financial loss
will be suffered by Fortune 500 companies in the healthcare sector ($1.938
billion), followed by banking ($1.149 billion). Companies in these sectors take
57% of the loss, but account for only 20% of Fortune 500 revenues, due to the
uneven impact of the event on business sectors. Manufacturing, the largest
sector by revenue, suffered a trivial loss of just $36 million in total when
compared to its annual revenue of $3.4 trillion across 130 companies, while the
event cost the six Fortune 500 airlines approximately $860 million, against
revenue of $187.1 billion.

‍



‍

A quarter of the Fortune 500 was impacted (125 corporations), including 100% of
airlines in the cohort, and 43% of retailer & wholesaler companies. About three
quarters of health and banking sector firms suffered direct costs. Beyond such
primary financial losses, CrowdStrike’s impact on critical services resulted in
a cascade of operational delays affecting the Fortune 500 companies and their
downstream entities. The analysis further concludes:

‍

1. Traditional industries relying on physical computers experienced longer
recovery times, which underlines the resilience and rapid recovery of
cloud-based systems.

2. Cyber (re)insurers can manage systemic risk through strategic diversification
across industry sectors, service providers, and company sizes.

3. The impact of the CrowdStrike outage was distinct due to its deployment both
on-premises and via the cloud. Insurers should therefore not rely solely on the
CrowdStrike event for modeling future cloud-based failures.

‍

‍

Parametrix unparalleled insight into the financial impact of the CrowdStrike
event is based on:

- more than 54 billion data points, which together define the historical
performance of cloud services,

- extensive expertise in system failures and business interruption losses, and

- direct monitoring of the real-time service status of 6,000 leading technology
businesses, including a significant portion of the Fortune 500. 

‍

“Our analysis of the CrowdStrike outage shows not only the possible extent of a
systemic cyber loss event, but also its boundaries,” said Jonatan Hatzor,
co-founder and CEO of Parametrix. “It tells us more about the ways that insurers
and reinsurers can diversify their cyber risk portfolios to minimize the
potential impacts of systemic cyber risk. However, our analysis does not show
the whole diversification picture. A cyber insurer focused on very large
companies will certainly suffer a much greater CrowdStrike loss relative to
premium than one with a large SME book.”

‍

He continued: “Prevention is important, but risk carriers have limited control
over event occurrences and service-provider practices. The industry should focus
on controllable areas, like mapping and managing aggregation risk. By
understanding these points, we can evaluate key exposures, and mitigate both
malicious and non-malicious threats. This proactive approach enables better
underwriting decisions, and effective risk-transfer solutions to manage systemic
risk.”

‍

---

‍

ABOUT PARAMETRIX

‍

Parametrix, the leading provider of cloud monitoring, modeling, and insurance
services, is a Managing General Agent and Lloyd’s Coverholder based out of New
York that underwrites parametric insurance against digital supply chain
interruption. Parametrix uses proprietary technology to continuously monitor the
performance of a variety of third-party IT services across the globe, and to
collect granular data on service interruptions. It uses that data to assess
risk, provide instant insurance quotations, and to streamline claims payments,
which are delivered within days. Parametrix policies are backed by major A-rated
global insurers. Parametrixinsurance.com

Explore more resources
Parametrix creates cutting-edge tools and models that enable companies,
insurers, and reinsurers to quantify, manage, and transfer their exposure to
cloud outage risk with unparalleled accuracy.
SOLUTIONS
HomeBrokersAnalytics
COMPANY
CompanyContact usPolicy wording
RESOURCES
BlogReportsIn the newsFAQ
©2024 Parametrix Solutions, Inc.
Privacy PolicyLicensesTerms of use
The products and services referred to on this website are available only in the
jurisdictions in which we are licensed to transact insurance business. Nothing
on this website shall be construed as an offer or solicitation to purchase
insurance in any other jurisdiction. The availability, terms, and conditions of
such products and services may vary by jurisdiction. The list of licenses held
by Parametrix Insurance Services LLC as an insurance producer and surplus lines
broker in the US states can be viewed on our license page. Parametrix provides
insurance products in connection with potential downtime on services represented
by brands which this website displays. Parametrix is not affiliated to,
associated with, or sponsored by the owners of these brands.
By clicking “Accept All Cookies”, you agree to the storing of cookies on your
device to enhance site navigation, analyze site usage, and assist in our
marketing efforts. View our Privacy Policy for more information.
PreferencesDenyAccept



Privacy Preference Center
When you visit websites, they may store or retrieve data in your browser. This
storage is often necessary for the basic functionality of the website. The
storage may be used for marketing, analytics, and personalization of the site,
such as storing your preferences. Privacy is important to us, so you have the
option of disabling certain types of storage that may not be necessary for the
basic functioning of the website. Blocking categories may impact your experience
on the website.
Reject all cookiesAllow all cookies
Manage Consent Preferences by Category
Essential
Always Active
These items are required to enable basic website functionality.
Marketing
Essential

These items are used to deliver advertising that is more relevant to you and
your interests. They may also be used to limit the number of times you see an
advertisement and measure the effectiveness of advertising campaigns.
Advertising networks usually place them with the website operator’s permission.
Personalization
Essential

These items allow the website to remember choices you make (such as your user
name, language, or the region you are in) and provide enhanced, more personal
features. For example, a website may provide you with local weather reports or
traffic news by storing data about your current location.
Analytics
Essential

These items help the website operator understand how its website performs, how
visitors interact with the site, and whether there may be technical issues. This
storage type usually doesn’t collect information that identifies a visitor.
Confirm my preferences and close