Parametrix

ChatGPT experienced a 9.5-hour outage, leaving users worldwide facing an "Internal Server Error" when attempting to access the platform. The disruption could have been linked to a power issue at a Microsoft data center, OpenAI's exclusive cloud provider, which happened at the same time. This outage also impacted other services relying on the same infrastructure. Incidents like this highlight the vulnerabilities inherent in interconnected systems. Where a single failure in a critical infrastructure provider can cascade across multiple platforms and services. As technology advances and continues to grow, understanding and managing the inherent systemic risks is key. Read more about it here: https://lnkd.in/gHy3HDDy Forbes #chatgptoutage #ITdowntime

As the holiday season approaches, we’re reminded of how much we value the incredible partnerships that drive innovation and success together. Thank you for being part of our journey this year. Here’s to a joyous holiday season and an exciting year ahead!

The median annual downtime from a high-business-impact outage is 77 hours, according to New Relic’s 2024 Observability Report. And 29% of respondents said their engineering team spend at least half of their time addressing disruptions. Beyond the immediate costs, downtime can impact customer trust, disrupt business operations, and have a profound impact on your bottom line. Financial instruments, like insurance, is one way for businesses to hedge the financial risks of downtime. Parametrix’s Enterprise Solutions cover your mission critical systems from digital disruption, enabling you to strengthen system resilience, safeguard financial stability, and ensure continuous operational performance. Check out our tailor made, parametric products here: https://lnkd.in/dviUTKXF You can download New Relics’ 2024 Observability Report here: https://lnkd.in/d9hV8Ndg #downtime #IToutage #systeminterruption #insurance #riskmanagement

Facebook, Instagram, WhatsApp, and Messenger went down, leaving users unable to access platforms or stuck with outdated content. At its peak, over 83,000 users reported issues with Facebook with an additional 66,000 reports with Instagram according to DownDetector. While Meta resolved most of the issues within hours, this marks yet another significant outage for the company, following major incidents in March and October 2022. For businesses reliant on social platforms for engagement and communication, such outages highlight a critical vulnerability. Downtime disrupts operations, damages trust, and impacts revenue. Downdetector #meta #metaoutage #systeminterruption #facebook #instagram #whatsapp

Microsoft is currently addressing a widespread Microsoft 365 outage affecting Office apps and the admin center. The root cause was issues with its token generation leading to authentication failures. This follows several recent Microsoft service disruptions, including an outage just two weeks ago that impacted multiple Microsoft 365 and Azure services. This incident highlights the growing risk of digital system interruptions that companies face in today’s increasingly interconnected landscape. As reliance on cloud platforms like Microsoft 365 grows, the importance of robust risk management strategies, including proactive monitoring, redundancy planning, and insurance solutions to mitigate the financial impact of such events. Read more about the outage here: https://lnkd.in/ebeDwNsd BleepingComputer #microsoft365 #microsoftoutage #systeminterruption #riskmanagement

Munich Re projects the cyber insurance market to nearly double within the next three years. Cyber cat bonds are expected to play a pivotal role in driving the market’s growth. By leveraging cyber cat bonds, (re)insurers are better equipped to manage the complexities of digital risks, creating a more robust and resilient cyber insurance ecosystem. Earlier this year, Hannover Re and Parametrix issued “Cumulus Re”, an innovative cyber catastrophe bond that protects reinsurers from one of the top systemic cyber risks: cloud downtime. It enables reinsurers to transfer and diversify cloud outage risk while safeguarding their portfolios against disruptions in critical digital infrastructure. Read more about what's driving growth in the cyber insurance market here: https://lnkd.in/duyDik4H Business Insurance Matthew Lerner #cyber #insurance #reinsurance #cloudoutage #catbonds

Parametrix Co-Founder & CEO, Jonathan Hatzor will be at Amazon Web Services (AWS) re:Invent 2024! The event will feature sessions and speakers, focusing on advancements in cloud computing, AI, security, and more. Connect with Jonathan to discover how Parametrix empowers cloud-dependent companies to effectively manage and mitigate cloud outage risk. #AWSreInvent #cloud #insurance #riskmanagement

Payment system downtime comes at a steep cost. It can lead to direct revenue loss, disrupt cash flow, and force companies to spend a fortune on compensation and recovery efforts. Even worse, it can cause long-lasting reputational damage, breaking customer trust in a matter of minutes. As digital payments continue to dominate, the financial stakes have never been higher. Parametrix insurance protects companies against losses from interruption of mission-critical IT systems, like payment gateways. Our parametric policies are tailored to each client’s unique risk profile, enhancing system resilience, financial stability, and operational continuity. Read more about the cost of payment system downtime here: https://lnkd.in/dis2_abA Forbes Omniwire, Inc. Serge Beck #payment #systeminterruption #downtime #parametric #insurance #riskmanagement

Parametrix is excited to be featured on Future Forward: Israel’s AI Expansion Blueprint - a collaboration by Deloitte Catalyst, F2 Venture Capital, and Google Cloud Israel that highlights the emerging AI market. Parametrix monitors the availability of #AI services to provide the insurance industry with the tools to understand and manage this emerging risk. According to Gartner, 70% of enterprises are expected to adopt GenAI by 2027, increasing the need for reliable insights into these critical third-party AI services. We are proud to be recognized as part of this dynamic landscape. Check out the AI Landscape Map and read the full report here: https://lnkd.in/deV8UYTu

The #1 CRM provider and a leading player in cloud and AI, experienced yet another major global outage that impacted operations across five of its data centers. Services from providers like Salesforce are integral to the operations of companies around the world. When one of them experiences downtime, it can result in a cascade effect, where multiple businesses relying on these services are affected, often leading to disrupted workflows, service outages, and potential financial losses. Read more about it here: https://lnkd.in/diPA2xtf #salesforce #outage #cyberrisk #riskmanagement