Australian Courts find insurer not liable for clean up after a Ransomware attack

[Caute_cautim]

Hi All

This surely must set all organisations teeth on edge, when a courts rules that the cybersecurity insurance provider is not liable for the costs of clean up after a ransomware attack?

Therefore why are they paying for insurance premiums to cover such a risk?   It is worthless!!

https://www.itnews.com.au/news/australian-court-finds-insurer-not-liable-for-ransomware-clean-up-cos...

Regards

Caute_Cautim

[dcontesti]

So one of the concerns with Insurance for Cyber attacks was when they would push back and as it were Cherry Pick what they would and would not cover.

Great article.

d

[Caute_cautim]

@dcontestiYes, it is an important indicator like the Shared Responsibility Model from Cloud Providers, that no one really reads and understands or actually does an analysis of the NIST SP800-53 Information Security Controller for Cloud Providers, actually fully understands until it is too late.   The emphasis being that client understand your full responsibilities and what the Cloud Provider will actually do for you, if the proverbial hits the fan.  Because if they do not, they will have a mighty shock indeed. 

Perhaps Caveat Emptor applies here too?

Regards

Caute_Cautim

[Caute_cautim]

HI All

Well Lloyds of England are now backing out of cyber insurance as well - Organisations be aware!!

https://red-goat.com/lloyds-of-london-exclude-nation-backed-cyberattacks-from-insurance/

See the full information attached and conditions.

Regards

Caute_Cautim