Can a cyber attack cause a damage of $10 billion (yeah $10 billion) damage for a company? No way? Can't be? In your dreams?
Well well it did. Yeah it really did.
Have I ever mentioned here that cybersecurity is not a joke or not a game? (Oh yeah, I remember. Many times)
A USA based giant multinational snack company Mondelez International was suffered a cyber attack in year 2017 because of the NotPetya malware. (https://en.wikipedia.org/wiki/Petya_and_NotPetya) This malware caused a huge damage (1,700 servers and 24,000 computers) by the systems of Mondelez International.
Well, what if this company had a cybersecurity insurance against cyber attacks? Do you think that they could afford their $10 billion loss from their insurance company? Or any part of it? Well... The answer is both: yes and/or no. Things became a LITTLE complicated here for the victim company and for the insurance company.
Mondelez International demanded a $100+ million compensation from Zurich American Insurance Company for their loss after the cyber attack they suffered. (Their loss was around $10 billion though.) But the insurance company -allegedly- declined to pay this little bill.
So a lawsuit has settled between them since 2018. Both companies came to an agreement but the details are unknown which can be a game changer for the cybersecurity insurances that will end up with the bankruptcy of some of the insurance companies all around the world. (Maybe that's why we don't know the details.)
Apparently, it can be seen how enorm the damage of a cyberattack for a company can be. (Depending on the size of a company of course.)
Cybersecurity is not a game. You can lose real money. (Oh yeah, I've told this also many times.)
https://www.theregister.com/2022/11/02/mondelez_zurich_notpetya_settlement/
#cyberinsurance #mondelez #zurichinsurance
"Mondelez, which owns Oreo cookies, Sour Patch Kids candy, Ritz crackers, and dozens of other brands, declined to comment on the settlement. A Zurich American spokesperson, however, told us 'the parties have mutually resolved the matter.' Details of the deal have not been disclosed."
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