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Considering Cyber Insurance in the Aftermath of the NotPetya Attack
It’s been 18 months since June 2017 when the Petya/NotPetya cyber attacks fell on businesses around the globe, resulting in a dramatic loss of income and intense business disruption. Has cyber insurance limited the fallout for the victims of the ransomware attacks, and should proactive businesses follow suit and ensure they are financially covered in case of a breach? Monetizing the Impact of Cybercrime. The effect on the IT and insurance industries of last years wave of cybercrime continues to grow as businesses disclose silent cyber impacts, as well as affirmative losses from WannaCry/Petya. The latest reports from Property Claim Services put the loss at over $3.3 billion, and growing. Despite this, for some businesses, reliance on insurance schemes has proven inadequate. US Pharmaceutical company Merck disclosed that the Petya cyberattacks have cost them as much as $580 million since June 2017, and predicted an additional $200 million in costs by the end of 2018. In contrast, experts estimated their insurance pay-out would be around $275 million, a huge number, but under half of the amount they have incurred so far, let alone as their silent costs continue to rise.
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