Insurance Coverage for NotPetya Losses
Tarah Wheeler and Josephine Wolff analyze a recent court decision that the NotPetya attacks are not considered an act of war under the wording of Merck’s insurance policy, and that the insurers must pay the $1B+ claim. Wheeler and Wolff argue that the judge “did the right thing for the wrong reasons..”
JohnnyS • February 28, 2022 9:06 AM
Interesting. I expect that Insurance companies will move to explicitly exclude cyber-attacks in their terms for “property insurance” going forwards, and their customers will want to carefully review the limits on their cyber-insurance policies to make sure that they have sufficient coverage going forwards.
Hopefully the end result will be to motivate corporations to improve their cyber-security, by “breaking out” cyber-attack damage from their property insurance and making the true cost of cyber attack insurance a separate line item, that shows high costs for insufficient coverage unless they pull up their security socks.