In 2017, NotPetya malware hit a global food manufacturing company. While the virus was believed to have originated as a Russian nation-state attack against Ukraine, it quickly affected companies around the world.
This attack quickly spread throughout the company’s infrastructure rendering nearly 2,000 systems inoperable, affected some 24,000 laptops, and ended up costing the company more than $100 million in damages.
Some argue it has since played a significant role in reshaping cyber insurance as we know it today.
Why?
The affected company filed a claim against its traditional property and casualty insurance policy, but it was denied with the insurer saying because a nation-state actor was behind the incident, it was an act of war and therefore, as part of an exclusion clause, the policy didn’t cover it.
This example highlights why it’s important that organizations of all sizes understand their insurance policies and coverages, and more specifically, why MSSP clients need cyber insurance to cover incidents traditional policies won’t touch.
As an MSSP, you likely serve a range of small- and mid-sized businesses (SMBs), many of which struggle to…
