The recent global IT outage caused by a faulty CrowdStrike software update resulted in an estimated $5.4 billion in direct losses for Fortune 500 companies, with significant impacts felt across healthcare, banking, and travel sectors. Despite 97% of affected Windows sensors being restored by July 24, the total financial repercussions are likely to exceed initial estimates, as the outage interrupted critical services and operations globally. Cyber insurers are projected to face payouts between $400 million and $1.5 billion, primarily under 'systems failure' coverage, while only a fraction of losses may be covered due to policy limitations. The incident has raised alarms regarding the adequacy of cyber insurance policies and the need for companies to reassess their risk management strategies. Additionally, regulatory scrutiny is expected to increase, with potential lawsuits against CrowdStrike looming. As businesses navigate these challenges, a redefinition of business resilience and incident response practices is deemed essential.