Cyber insurance: A study in fine print paid IBM_ITServices
first hit, some of the collateral damage came in the form of cookies, crackers and chocolate—and denied insurance claims. Mondelez International, maker of Oreo cookies, Ritz crackers and Cadbury chocolate, lost access to its logistics software after a NotPetya attack in 2017, affecting shipments across the food giant’s global operations. Recovery took weeks as the company piled up losses in excess of $100 million, according to court documents reported in the media.
To be sure, cyber insurance is very hard to underwrite. For insurers, cyber risk has a long tail. The true cost of a significant breach can easily reach into the hundreds of millions., board member at Munich Re."Increased networking of machines, and equipment in particular, can also give rise to very complex risks such as data theft, disruptions in the interaction between networked machines, and even the failure of entire production lines and supply chains,” he points out.
One potential perception gap comes from the self-assessment of cyber hygiene that insurers require. This is covered in the fine print, which can run to several hundred pages.
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