What Are the Top Cyber Insurance News Stories of All-time?
To provide a comprehensive overview of the most significant cyber insurance news stories, we reached out to industry experts, including co-founders, CEOs, and consultants. From the NotPetya attack causing uncertainty in coverage to the JBS Foods ransomware serving as an industry wake-up call, here are the top four cyber insurance news stories of all time, as shared by these professionals.
- NotPetya Attack: Uncertainty in Coverage
- WannaCry Attack: Surge in Insurance Demand
- Equifax Breach: Cyber Insurance Reevaluation
- JBS Foods Ransomware: Industry Wake-Up Call
NotPetya Attack: Uncertainty in Coverage
The 2017 NotPetya malware attack was one of the top cyber insurance news stories of all time. It affected hundreds of organizations in multiple countries and resulted in over $10 billion in total damages.
The attack highlighted the uncertainties in cyber insurance policies, particularly in how they treat state-sponsored cyber incidents. Insurers have been using war and terrorism clauses to exclude coverage for such activity by states or their agents, leaving them exposed to non-state-sponsored cyber attacks.
New cybersecurity frameworks are needed to address these gaps in coverage and encourage better cyber hygiene among organizations to reduce cyber risks.
Samuel Fletcher
Co-founder, SupplyGem
WannaCry Attack: Surge in Insurance Demand
One of the top cyber insurance news stories of all time was the 2017 WannaCry ransomware attack. WannaCry was a worm that spread through Windows systems that were not patched for a vulnerability in the Windows Server Message Block (SMB) protocol. The worm encrypted files on infected systems and demanded a ransom payment of $300 in Bitcoin in order to decrypt them.
The WannaCry attack was a major wake-up call for businesses and governments around the world. It showed how quickly and easily a ransomware attack could spread, and how much damage it could cause. The attack also led to a surge in demand for cyber insurance, as businesses sought to protect themselves from the financial losses that could result from a ransomware attack.
According to a report by the Insurance Information Institute, cyber insurance premiums in the United States increased by 50% in 2017 following the WannaCry attack.
Brenton Thomas
CEO, Twibi
Equifax Breach: Cyber Insurance Reevaluation
One of the most significant cyber insurance news stories of all time was the breach of Equifax in 2017. This breach, affecting around 147 million individuals, exposed the severity and financial implications of cyber incidents. Insurance brokers witnessed firsthand the costs associated with breach response, legal fees, notification services, and regulatory fines.
The Equifax breach prompted a reevaluation of cyber risk management strategies and highlighted the importance of comprehensive cyber insurance coverage. It led to increased scrutiny of cyber insurance policies and encouraged insurance brokers to prioritize cybersecurity measures and educate clients about robust coverage options.
The Equifax breach serves as a pivotal moment in the history of cyber insurance, emphasizing the critical role of insurance brokers in advocating for comprehensive coverage and proactive cybersecurity measures. This landmark incident underscored the evolving nature of cyber threats.
Derrick Miler
Insurance Consultant, CHES Special Risk
JBS Foods Ransomware: Industry Wake-Up Call
In May 2021, JBS Foods, one of the largest meat producers in the world, was hit by a ransomware attack that disrupted its operations in North America and Australia. The attack was carried out by the REvil ransomware gang, who demanded a ransom of $11 million.
While JBS stated that it had cyber insurance in place to cover the costs of the attack, the incident highlighted the growing threat of ransomware to the food and agriculture industry. The attack also underscored the need for companies to have robust cybersecurity measures in place, including regular backups and employee training.
The incident wasn’t as widely covered in mainstream media compared to other high-profile attacks such as Equifax and Target, but it was still a significant cyber insurance news story that served as a wake-up call to many companies in the food supply chain.
Ben Lau
Founder, Featured SEO Company
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