July 22, 2024
05:53
05:53
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Global IT outage is estimated to have cost industries a staggering $1.5 billion
The IT outage caused widespread disruption across multiple industries, resulting in significant financial losses. Several sectors were hit, incurring an estimated cost of one AND A HALF billion dollars. Let's see what lies ahead for the companies involved.
The outage had a far-reaching impact, grounding more than 5,000 flights worldwide,, and causing significant disruptions in retail, banking, and healthcare services. Businesses across various sectors faced productivity losses, highlighting the critical dependence on technology for daily operations. The financial repercussions of the outage are staggering, with total losses estimated at $1.5 billion globally. In the Australian state of New South Wales alone, the damage is estimated at $200 million. Companies like CrowdStrike are now facing potential compensation claims, which could increase the overall cost of the incident. As investigations continue to determine the responsible parties, lawsuits are expected. The long-term impact on CrowdStrike's reputation and the affected industries could mean robust measures are needed to restore trust and prevent it from happening again.
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