Evaluating Cyber Insurance
Philippa Kelly takes a look at the risks and challenges associated with cyber insurance
In 2018, following the NotPetya cyber-attack, snack maker Mondelez sued Zurich Insurance for $100m following Zurich’s “unprecedented” use of the exclusion clause in its insurance policy relating to “hostile or war-like action in time of peace or war”. The use of the exclusion clause was in part driven by UK, US, Canadian and Australian government announcements to publicly blame Russia for the attack, which in the eyes of Zurich meant it fell into the category of hostile or war-like action.
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