Conan Ward, President and General Manager of RubiQon, was featured on The CyberWire Daily Podcast, hosted by Dave Bittner. Ward discusses the unfortunate reality of cyber insurance in light of the 3rd anniversary of NotPetya.
NotPetya caused $3 billion in damages and took both businesses and insurers by surprise. With litigation about who should pay for NotPetya's damages still working their way through the courts, the question looms: 'Who pays when the next NotPetya comes along?'
In the wake of NotPetya, the cyber insurance industry has gotten serious about tackling some of the problems raised by that outbreak. So called "silent cyber" coverage - ambiguous coverage that may or may not apply to cyber incidents - is one of the areas most in need of a resolution. Legacy insurance products were not designed with the cyber needs in mind. Do Kidnap and Ransom policies taken out to protect executives cover payments to ransomware cyber criminals? Do typical exclusions (war and fidelity) absolve insurers from covering nation-state backed attacks like NotPetya? Does cyber war count as an act of war?
Even with more specialized cyber oriented policies in place, businesses wonder if they can buy enough dedicated cyber cover to suit their needs. Those were some of the topics that Conan Ward, President and General Manager of RubiQon, discussed on The CyberWire Daily Podcast, hosted by Dave Bittner. Ward and Bittner discuss the unfortunate reality of cyber insurance in light of the 3rd anniversary of NotPetya.
To learn more, listen to the podcast, which can be found here.