The risk of a collision is relatively low as they most commonly separate by altitude and a 70km horizontal deviation probably wouldn't reach another flight path.
It does screw up separation monitoring and safety management programs fairly badly though. Some plans also have ADS-B based collision alert systems too, which would cause lots of panic if they went off.
I am blown away that the 787s cockpit network is so bad that it routinely drops position data packets. Often enough that it frequently loses multiple sequential packets and the firmware developers implemented a dead reckoning system to plaster over the issue. How do you screw up a network that badly?