A new study from intelligence platform New Relic reveals that financial services and insurance companies lose a staggering $2.2 million every hour due to outages and disruptions. This figure is 16% higher than the average loss experienced across all industries.
The study highlights that companies in these sectors are particularly vulnerable to “high-business-impact” outages, occurring more frequently than in other industries. Nearly half (48%) of the respondents reported experiencing such incidents on a weekly basis.
Simon Lee, Senior Vice President and Managing Director for New Relic’s Asia Pacific and Japan operations, emphasized the rapid pace at which disruptions can escalate, particularly for financial services and insurance companies that operate in complex digital ecosystems. “A $2.2 million-per-hour impact underscores just how quickly disruption can hit,” Lee said. “Firms in the APAC region are under increasing pressure to modernize their observability strategies and act swiftly to prevent downtime that affects customers.”
In response to these challenges, many companies are investing in digital-native subsidiaries and adopting cutting-edge technologies like artificial intelligence (AI). Approximately 34% of respondents identified AI-assisted troubleshooting as a critical tool for enhancing observability and minimizing downtime.
The study also found that financial services and insurance companies are leading the way in cloud-native application development, with 36% adoption in these sectors, compared to the 31% average across all industries. Additionally, 28% of organizations in these sectors are utilizing containerized workloads, surpassing the 23% adoption rate seen in other industries.
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