16 April 2019
The cyber attack of this quarter is Lockergoga. It is a ransomware targeting industrial firms. Norsk Hydro, a Norwegian aluminium producer, with initial estimates of losses at $41m due cost of lost production. Norsk Hydro has a cyber insurance policy with AIG as lead.
Nonetheless, claiming from cyber insurance policy is not straightforward. Earlier in the quarter, news broke out that Mondelez, the US food company, more popularly known for one of its brand Oreo, is suing Zurich $100m for refusing to pay out for the NotPetya cyber attack in 2017.
Actuaries are the profession best equipped to deal with uncertainties. Opportunities abundance for actuaries in the space of cyber risk.
About Cyber News Bite
Cyber News Bite is a short quarterly brief highlighting key cyber risk events. The GI Asia International Working Party delivers to you the most relevant cyber update in 2 minutes.