Insurance Company Says NotPetya Is an “Act of War”, Refuses to Pay

Earlier this month, I read a fascinating story from CPO Magazine and another from ZDNet about the refusal of Zurich American Insurance Company refusing to pay out a $100 million claim from consumer packaged goods company Mondelez, which was one of the biggest victims of the NotPetya ransomware attack in June 2017. Mondelez totaled up all the damage that resulted from the NotPetya ransomware attack, filing a cyber risk insurance claim, coming up with the figure of $100 million as the total damages resulting from the loss of 1,700 servers and 24,000 laptops, as well as the loss of thousands of user credentials, unfilled orders and other related economic losses from the security breach. Many are now worried that any time there is a cyber attack or data breach, an insurance company offering cyber insurance can simply claim that it was due to an “act of cyber war,” and reject the claim.

Source: ridethelightning.senseient.com