Many firms hit by global cyber-attacks

Merck, insurers fight over $1.3B in damages from cyberattack: Bloomberg
December 4, 2019
https://www.fiercepharma.com/pharma...-bloomberg?utm_source=internal&utm_medium=rss

 

"New Jersey Court Rules 'Acts of War' Insurance Policy Exclusion Inapplicable to Russian Malware Attack

Pharmaceutical giant Merck won a major victory over its insurance carrier in New Jersey Superior Court recently. Merck’s victory means its carrier is liable to pay out up $1.4 billion to Merck for alleged losses arising out of the 2017 NotPetya malware attack. Merck’s all-risks property policy covered Merck for losses resulting from destruction or corruption of computer data software. The carrier declined coverage for the NotPetya attack, citing a policy exclusion for “loss or damages caused by hostile or warlike action.” Judge Thomas Walsh of the New Jersey Superior Court issued a Partial Summary Judgment for Merck, finding that the “hostile or warlike action” exclusion did not apply to the malware attack..."

https://www.jdsupra.com/legalnews/new-jersey-court-rules-acts-of-war-5551894/