09:41 AM EDT, 07/24/2024 (MT Newswires) -- CrowdStrike Holdings' ( CRWD ) recent outage is expected to cause financial losses of around $5.4 billion to US Fortune 500 companies, excluding Microsoft (MSFT), Reuters reported Wednesday, citing insurer Parametrix.

Insured losses from the incident are estimated to range between $540 million and $1.08 billion, the report said.

The outage, caused by a faulty update to CrowdStrike's ( CRWD ) security software, crashed Windows-powered computers on Friday, disrupting internet services worldwide and impacting various industries, including airlines, banking, and healthcare.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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