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Russian Invasion is Redefining the Cyber Insurance Market

Although “Acts of War” are often excluded from insurance policies, cyberwarfare typically exists in a different realm. Even though several insurers have declared cyber attacks by state-sponsored actors as acts of war, a recent court ruling found an insurer liable for losses stemming from the 2017 NotPetya malware attack against pharmaceutical giant Merck & Co. In the landmark decision, Merck & Co was awarded $1.4 billion by the New Jersey court.

The Supply Chain Is the Next Big Cyberattack Target

It’s not just temporary gridlock; supply chain issues are expected to persist through 2023, further jeopardizing crucial infrastructure and making it a prime target for a cyberattack. The supply chain and transportation industries are already behind when it comes to securing their systems, and resources are spread thin dealing with mounting pandemic-induced backups.

Ignoring US Cybersecurity Vulnerabilities No Longer an Option

In one of the most impactful European conflicts since World War II, Russian troops have invaded neighboring Ukraine, a sovereign nation. While the effects of this war on world peace and stability remain to be seen and while a larger conflict involving other nations including the U.S. could soon become a reality, the uncomfortable truth is that we are already at war. 

Toyota shuts down operations following a suspected cyber-attack by Russia

Toyota suspended all its domestic factories on Tuesday following a cyber-attack that affected the supplier of plastic parts, Kojima Industries Corporation. “Due to a system failure at a domestic supplier (KOJIMA INDUSTRIES CORPORATION), we have decided to suspend the operation of 28 lines at 14 plants in Japan on Tuesday, March 1 (both 1st and 2nd shifts).