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.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
I tried mac and cheese from 6 fast-food chains, and Chick-fil-A's transcended the others with cheese I could actually see and tasteI tried the mac and cheese from six chains including Chick-fil-A, KFC, Popeyes, and Panera, and Chick-fil-A's was a clear standout.
Read more »
General Electric ranks among riskiest long-term care insurers: FitchGeneral Electric Co ranks among the riskiest backers of long-term care insurance...
Read more »
General Electric insurance called 'risky' by Fitch; shares fall againGeneral Electric Co ranks among the riskiest backers of long-term care insurance...
Read more »
SEC fines Russian firm for failing to disclose paid-for ICO reviewsThe U.S. Securities and Exchange Commission said on Tuesday that it has fined an...
Read more »