Or at least standardized policy language on the subject. Cyber insurance policies have always had language excluding “hostile and warlike actions”, whatever the hell that means. What it means is full employment for lawyers. And a long time before you get paid. The Lloyd’s Market Association, the syndicate that drives Lloyd’s backed policies, has created […]
Continue reading → [DISPLAY_ACURAX_ICONS]Paying Ransom is Tax Deductible Under current IRS regulations, paying cyber ransom after a hack is deductible, just like losses from a robbery, but the IRS is “looking into it”. One way the government could discourage ransom payments is if the cost is borne fully by the company’s owners. They still might choose to do […]
Continue reading → [DISPLAY_ACURAX_ICONS]Data from employment firm Automation Personnel Services Leaked Automation Personnel Services, a provider of temporary employment services, found 440 gigabytes of their data leaked on the dark web. The poster says that it includes payroll, accounting and legal documents. The data was leaked because the company refused to pay the ransom. When asked if the […]
Continue reading → [DISPLAY_ACURAX_ICONS]A New Trend? Insurers Offering Consumers Ransomware Coverage In what may be a new trend, Mercury Insurance is now offering individuals $50,000 of ransomware insurance in case your cat videos get encrypted. The good news is that the insurance may help you get your data back in case of an attack. The bad news is […]
Continue reading → [DISPLAY_ACURAX_ICONS]A recent study estimates that a coordinated global cyber attack (think Wannacry, but not geographically bounded) could cause economic damages of between $85 billion and $193 billion. The investigation was conducted by Lloyds of London and Aon Insurance as a “stress test” of the industry. Claims would likely include everything from business interruption to incident […]
Continue reading → [DISPLAY_ACURAX_ICONS]Mondelez is the parent company of Nabisco, Oreo, Ritz and many other brands that are part of Kraft Foods. Mondelez, like many other companies, was a victim of the NotPetya attack which turned 1,700 servers and 24,000 workstations at Mondelez into very expensive bricks. Mondelez’ insurance company, Zurich American, denied the claim and hence the […]
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