Late last year, it was announced that the major aluminum manufacturing firm, Norsk Hydro AS, received a $3.6 million cyberinsurance payout – the first around highly publicized, extensive cyber breach of March 2019. The large ransomware attack struck the company’s U.S. facilities – before spreading throughout the company, resulting in millions of dollars lost – destabilizing Norsk Hydro’s operations until the summer months. The payout covered merely six percent of the multi-million-dollar costs created by the incident and its aftermath.
“For many people who work in enterprise security, there’s no straight line to get there. That was my situation, too,” says Jerry Loghry, AVP Corporate Security & Safety for EMC Insurance Companies.
The global property terrorism insurance market remains strong with sufficient capacity to respond to today’s predominant terrorist threats, according to the 2019 Terrorism Risk Insurance Report.
