July 26, 2023
The New Jersey Supreme Court has agreed to decide whether a hostile/warlike action exclusion in an all risks property insurance policy applies in a case involving insurance coverage for a 2017 Russian cyberattack. The state’s high court will hear an …
May 2, 2023
The appellate division of New Jersey Superior Court has upheld a state trial court opinion that the war exclusion in drugmaker Merck & Co.’s all-risk property insurance policies does not apply in the case of the cyber attack that the …
November 23, 2022
A cyber attack on the German ports of Bremerhaven or Hamburg would severely impede NATO efforts to send military reinforcements to allies, retired U.S. General Ben Hodges told Reuters. The European Commission proposed an action plan to bolster cyber defense …
February 9, 2022
FRANKFURT/LONDON – The European Central Bank is preparing banks for a possible Russian-sponsored cyber attack as tensions with Ukraine mount, two people with knowledge of the matter said, as the region braces for the financial fallout of any conflict. The …
February 4, 2022
Last month the Superior Court of New Jersey ruled insurers cannot use a policy exclusion to avoid covering about $1.4 billion in damages Merck & Co. said it suffered from a spring 2017 cyber attack known as NotPetya. The court …
August 12, 2020
This summer marks three years since the NotPetya malware attack, which has been called the most devastating cyber attack in history. While cyber experts say cybersecurity and prevention strategies have since evolved in many ways, they also warn another crippling …
December 3, 2019
By the time Deb Dellapena arrived for work at Merck & Co.’s 90-acre campus north of Philadelphia, there was a handwritten sign on the door: The computers are down. It was worse than it seemed. Some employees who were already …
June 12, 2018
Although the insurance industry may have had plenty of time to wrap its mind around managing physical property threats, what about the newly growing area of non-physical threats? Panelists at the 2018 PLUS Cyber Symposium, held in May in Chicago, …
October 17, 2017
Beazley and Munich Re, through their Vector partnership, have reported strong demand for “holistic cover” to protect against cyber attacks and resulting business interruption and supply chain risks. Vector was established in 2015 to offer tailor-made expertise and capacity for …
August 30, 2017
Banks are increasingly turning to insurance to protect their capital from “operational risks” like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court …