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.