A recent worldwide hacking incident – one that even managed to compromise government systems – will likely cost cyber insurers US$90 million (around AU$116 million) for incident response and forensic services, experts project.
Russian state-sponsored hackers are believed to be behind the cyberattack that exploited a vulnerability on the latest update of SolarWinds’ IT management software. As many as 18,000 SolarWinds customers – which include several US-based Fortune 500 companies and some agencies of the US and British governments – downloaded trojan malware hiding within the software update.
Experts say that the attack, while a national security nightmare, was fortunately not as disruptive to insurers.
“Although the SolarWinds attack is a cyber catastrophe from a national security perspective, insurers may have narrowly avoided a catastrophic…
