Merck Awarded $1.4 B For NotPetya After 5 Years Of Legal Battle (Risk & Insurance)

Merck Awarded $1.4 B For NotPetya After 5 Years Of Legal Battle

  Thursday, May 19th, 2022 Source: Risk & Insurance

NotPetya malware first cropped up on computers worldwide in June 2017, setting the stage for today’s ransomware attacks and ultimately causing $10 billion in damages globally.

NotPetya malware first cropped up on computers worldwide in June 2017, setting the stage for today’s ransomware attacks and ultimately causing $10 billion in damages globally.

Linked back to Russia, the NotPetya attacks demonstrated to the world what kind of vulnerabilities must be monitored in order to remain cyber safe.

It also sparked a reassessment of cyber insurance and what is actually covered.

Pharmaceuticals company Merck had an all-risk policy issued by International Indemnity in 2017. At that time, the policy was not tailored to cyber needs, and the precedent of having a cyber policy proper had yet to become the insurance expectation.

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