Cyberattacks are becoming increasingly common and costly. In 2017, one of the largest cyber insurance claims ever paid was a whopping $100 million, paid out to Mondelez International. Mondelez is a multinational confectionery, food, and beverage company with brands such as Oreo, Cadbury, and Trident.
$100 million claim
The cyberattack on Mondelez was a ransomware attack. Hackers encrypted the company’s data and demanded a ransom payment in exchange for the decryption key. Mondelez refused to pay the ransom, and instead, they filed a cyber insurance claim. The insurance company paid out the full $100 million claim, which helped Mondelez to recover from the cyberattack and get their business back up and running.
This is just one example of the large cyber insurance claims that have been paid out in recent years. As cyberattacks become more sophisticated and costly, it is likely that we will see even larger claims in the future.
It is important for businesses to have cyber insurance in place to protect themselves from the financial losses that can result from a cyberattack. Cyber insurance can help to cover the costs of data breaches, ransomware attacks, and other cyberattacks. It can also help to pay for the costs of investigating and responding to a cyberattack, as well as the costs of restoring data and systems.
If you are a business owner, it is important to talk to an agent about cyber insurance. They can help you to determine the right coverage for your business and your budget.
Here are some additional tips for businesses to protect themselves from cyberattacks:
- Implement strong cybersecurity measures, such as firewalls, antivirus software, and data encryption.
- Train employees on cybersecurity best practices.
- Keep software up to date.
- Back up data regularly.
- Be aware of the latest cyberattack trends.
By taking these steps, businesses can help protect themselves from the financial losses and other consequences of a cyberattack.
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