What would you do if your cyber insurance didn’t cover you for cyberwarfare?
Ukraine is not only under physical attack but is also sustaining a huge cyber-attack from Russia at the same time. The last time Ukraine was targeted by Russia resulted in the NotPetya Ransomware being released worldwide and causing Billions of dollars in damages. Insurance companies broke out the clause of cyberwarfare and left companies on the hook to pay millions in damages.
These companies are suing the insurance companies and from 2018 are still working their way through the court system. To learn more about the history of this attack, the lawsuits that followed, and how it has changed the insurance industry you can read this article. Too many of the companies we work with believe that cyber insurance will cover any issues.
Without the people, processes, policies, and proof of compliance, your claim will most likely be denied and leave you on the hook for millions of dollars. Where does your company stand with the stepped-up attacks that are expected from this Ukraine situation? If you aren’t confident in your security posture it’s time to let us help you get there using the NIST Cybersecurity Framework.