[Eye Opener] Insurance policy doesn’t cover ransomware attack, Ohio Supreme Court says

The cybercriminals extorted EMOI with a request of three bitcoins worth around $35,000 at the time in order to return its data. After complying and paying their ransom, they were able to regain control over most of their stolen information. To be better protected against future attacks, EMOI improved their network security and process; however, Owners Insurance Company which wrote the policy, denied the claim for any damages sustained during the breach.

The Supreme Court carefully examined whether the defense against "direct physical harm to property" covers losses caused by threats to data, such as software, and not just damage that is done on tangible items like computers. The justices then unanimously overturned a lower court's ruling after concluding that software is an intangible item which cannot experience any direct physical deficit or destruction.

Source: https://www.cleveland.com/open/2022/12/insurance-policy-doesnt-cover-ransomware-attack-ohio-supreme-court-says.html

A Master Class on IT Security: Roger Grimes Teaches Ransomware Mitigation

Cyber-criminals have become thoughtful about ransomware attacks; taking time to maximize your organization’s potential damage and their payoff. Protecting your network from this growing threat is more important than ever

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Join Roger Grimes, Data-Driven Defense Evangelist at KnowBe4,  for this thought-provoking webinar to learn what you can do to prevent, detect, and mitigate ransomware. You'll learn:

  • How to detect ransomware programs, even those that are highly stealthy 
  • Official recommendations from the Cybersecurity & Infrastructure Security Agency (CISA)
  • The policies, technical controls, and education you need to stop ransomware in its tracks
  • Why good backups (even offline backups) no longer save you from ransomware

Watch Now

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Topics: Ransomware

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