Oreo Giant Mondelez Settles NotPetya 'Act of War' Insurance Suit
Friday, November 4, 2022
Mondelez International, maker of Oreos and Ritz Crackers, has settled a lawsuit against its cyber insurer after the provider refused to cover a multimillion-dollar clean-up bill stemming from the sprawling NotPetya ransomware attack in 2017.
In a different vein, Ilia Kolochenko, chief architect and CEO of ImmuniWeb, notes that the cybercriminals will find a way to use the exclusions to their advantage — undercutting the value of having a policy even further.
"The problem stems from a possible impersonation of well-known cyber-threat actors," he says. "For instance, if cybercriminals — unrelated to any state — wish to amplify the damage caused to their victims by excluding the eventual insurance coverage, they may simply try to impersonate a famous state-backed hacking group during their intrusion. This will undermine trust in the cyber-insurance market, as any insurance may become futile in the most serious cases that actually require the coverage and justify the premiums paid." Read Full Article