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“If Russia carries out a large cyber attack which spills over into several countries, it could lead to claims totalling (sic) $20 billion or more, similar to insurance claims from a large U.S. hurricane, the industry sources said on condition of anonymity.” Source: Analysis – Cyber Insurers Face Large Ukraine War-Related Claims Despite Exclusions
Insurers have been tightening their war exclusions and clarifying attribution requirements, especially after the recent court win by Merck over reimbursement of its losses from 2017’s NotPetya malware attack. “However, in DBRS Morningstar’s opinion, attribution of cyber warfare remains a challenge because it places the onus on the insurer to demonstrate that a cyber incident … Read more
Cyber insurers reject claims for damage caused by cyberwarfare. But what is “cyberwar”, really? As Russia-Ukraine conflict heats up, CIOs need an answer. Source: Cyber Insurance’s Battle With Cyberwarfare: An IW Special Report
“If Merck eventually winning seems like good news for enterprises in similar policy situations, it is — but with a caveat. The vagaries of the policy meant it took five years and litigation to recover a substantial amount of losses, something attorney Marcus Christian, a partner at Mayer Brown’s cyber and data privacy practice, said … Read more