Sour Patch: NotPetya’s Cleanup Cost to Mondelez Tops $80 million

ronjor · Feb 15, 2018

February 14, 2018 18:57 by Paul

Mondelez, which was hit by the outbreak in June, said that it spent $84 million in “incremental costs” to investigate the incident, remove the malware and restore systems infected by the so-called “wiper” malware. In addition, the disruptions caused by NotPetya shaved %.4 off Mondelez’s 2017 net revenue of $25.9 billion, due mostly to disrupted shipments of candy and other treats following the malware outbreak in the second quarter, putting the full cost of the incident at closer to $180 million for Mondelez.
Click to expand...

Peter2150 · Feb 15, 2018

Wonder if they have a good backup plan

ronjor · Feb 15, 2018

Peter2150 said: ↑

Wonder if they have a good backup plan
Click to expand...

I would bet they will soon have one if they don't already.

Mrkvonic · Feb 15, 2018

As long as Nutella is safe, it's okay.
Mrk

ronjor · Mar 2, 2018

Nuance Estimates NotPetya Impact at $90 Million

By Ionut Arghire on March 02, 2018
Nuance Communications, one of the companies to have been impacted by the destructive NotPetya attack last year, estimates the financial cost of the attack at over $90 million.
Click to expand...

EASTER · Mar 2, 2018

Mrkvonic said: ↑

As long as Nutella is safe, it's okay.
Mrk
Click to expand...

Peter2150 · Mar 2, 2018

ronjor said: ↑

Nuance Estimates NotPetya Impact at $90 Million
Click to expand...

Geesh, haven't these dummies heard of adequate backup.

EASTER · Mar 2, 2018

Peter2150 said: ↑

Geesh, haven't these dummies heard of adequate backup.
Click to expand...

Mind boggling, right Pete. It's a mindset, I mean with $25.9 billion! overall the cost of it is probably pocket change in their world

guest · Jan 10, 2019

Mondelez sues Zurich over $100m cyberhack insurance claim
Zurich refused to pay out for NotPetya attack, relying on war exclusion
January 10, 2019
https://www.irishtimes.com/business...over-100m-cyberhack-insurance-claim-1.3753475

Mondelez, the US food company that owns the Oreo and Cadbury brands, is suing its insurance company, Zurich, for refusing to pay out on a $100 million claim for damage caused by the NotPetya cyberattack.

“It’s a pretty big deal. I’ve never seen an insurance company take this position,” said Robert Stines, a cyberlaw specialist at the US law firm Freeborn. “It’s going to send ripples through the insurance industry. Major companies are going to rethink what’s in their policies.”

“It’s a pretty bold move to rely on a war exclusion for a state-sponsored hack. Nobody has raised this exclusion before,” said Sarah Stephens, a cyberspecialist at insurance broker JLT. “The insurer would have to prove it and it’s so hard to prove attribution.”
Click to expand...

guest · Jan 26, 2019

Mondelez vs. Zurich: How watertight is cyber insurance coverage?
January 25, 2019
https://www.information-age.com/cyber-insurance-coverage-mondelez-zurich-123478253/

Whether or not Zurich’s “war exclusion” argument will succeed remains to be seen but this case also points to a broader issue commonly found within the cyber insurance marketplace: ambiguous policies.
The problem with cyber insurance
Thanks to the sharp increase in cyber incidents, cyber insurance is growing in popularity fast. PWC estimate annual gross written premiums for cyber insurance will increase from roughly $2.5 billion today to $7.5 billion by the end of the decade.
“Some of these policies have been rushed to market by insurers eager to capitalise on the growing cyber risks facing organisations, and their desire to spend significant amounts of money to protect themselves against this.”

“Getting a good understanding of what could go wrong is a great place to start,” said Ben Rose, co-founder and insurance director at Digital Risks.
He added: “How can you be confident you’re are covered if you don’t know what you need to be covered for.”
Click to expand...

zapjb · Jan 26, 2019

I heard they upped their IT security budget 10x!

From 10 cents to a dollar.

guest · Feb 19, 2019

Zurich vs Mondelez: the vast costs of large-scale cyberattacks
February 19, 2019
https://www.pandasecurity.com/mediacenter/tips/zurich-vs-mondelez-vast-costs-cyberattacks/

The official estimate for the company’s losses are somewhere in the region of $100 million. Although the company was displeased about this (and quite rightly so), there was a silver lining: Zurich, their insurer, would bear the costs.
The cost of a cyberattack
The dispute between the two companies is the first lawsuit related to NotPetya to be made public, but it is unlikely to be the last. Any type of cyberattack can cost a company millions, regardless of its sector or even its size.

Regardless of what the estimates may show or what the real figure may be, one thing is quite clear: an attack of this kind doesn’t just endanger a company’s cybersecurity; it can have serious repercussions on its reputation, as well as its finances. And if the insurance company decides that it isn’t their responsibility to cover the costs, the problem will take even longer to resolve.
Click to expand...

Minimalist · Mar 4, 2019

Yes, there really is a cyber war out there

Security firms are known for hyping up the risks to various online threats and coming close to describing this environment as a state of war thanks. But one insurer has really called a ransomware attack an act of war – and this is no hyperbole – they are refusing to pay the claim for damages caused by ransomware. Well, that’s a nasty bit of FUD – Fear, Uncertainty, and Dread.
Click to expand...

https://blog.avira.com/yes-there-really-is-a-cyber-war-out-there/

ronjor · Apr 15, 2019

Big Companies Thought Insurance Covered a Cyberattack. They May Be Wrong.

By Adam Satariano and Nicole Perlroth April 15, 2019
LONDON — Within days of a cyberattack, warehouses of the snack foods company Mondelez International filled with a backlog of Oreo cookies and Ritz crackers.
Mondelez, owner of dozens of well-known food brands like Cadbury chocolate and Philadelphia cream cheese, was one of the hundreds of companies struck by the so-called NotPetya cyberstrike in 2017. Laptops froze suddenly as Mondelez employees worked at their desks. Email was unavailable, as was access to files on the corporate network. Logistics software that orchestrates deliveries and tracks invoices crashed.
Click to expand...

Log in or Sign up

Sour Patch: NotPetya’s Cleanup Cost to Mondelez Tops $80 million

ronjor Global Moderator

Peter2150 Global Moderator

ronjor Global Moderator

Mrkvonic Linux Systems Expert

ronjor Global Moderator

EASTER Registered Member

Peter2150 Global Moderator

EASTER Registered Member

guest Guest

guest Guest

zapjb Registered Member

guest Guest

Minimalist Registered Member

ronjor Global Moderator

Log in or Sign up

Sour Patch: NotPetya’s Cleanup Cost to Mondelez Tops $80 million

ronjor Global Moderator

Peter2150 Global Moderator

ronjor Global Moderator

Mrkvonic Linux Systems Expert

ronjor Global Moderator

EASTER Registered Member

Peter2150 Global Moderator

EASTER Registered Member

guest Guest

guest Guest

zapjb Registered Member

guest Guest

Minimalist Registered Member

ronjor Global Moderator

Useful Searches