“Act of war” declared by non-paying insurance firm

“Act of war” declared by non-paying insurance firm

“Act of war” declared by non-paying insurance firm

“Act of war” declared by non-paying insurance firm

A cyber insurance firm has been criticised for refusing to pay out over a case which it declared was an “act of war”. In 2017, Spanish food corporate Mendelez filed for an insurance pay-out after it became a victim of the famed NotPetya ransomware attack, which affected thousands of businesses worldwide. Insurance company Zurich refused to pay out the £100million claim, citing “hostile or warlike action in time of peace or war”, despite terms and conditions stating that they would cover “malicious machine code or instruction”. The US government claimed the attacks were from the Russian military, and now many cyber insurance firms are considering reviewing their policies.