The world needs to know the vilest computer called NotPetya attacking Ukraine in June 2017 stupefying almost every national infrastructure. These include federal agencies, transport to payment systems. Worse, it also attacks monitors at Chernobyl, a nuclear-power station. Learning from this terrifying attack, American government came up with a tracking result that NotPetya was the doing of Kremlin.
Notpetya caused the biggest lost in the history of cyber attack as much as $10bn.
This is because not only just Ukraine suffering from the attack but also its multinational firms and global operations. Giant shipping company got hurt. Maersk, Saint-Gobain, to the owner of Cadbury chocolate Mondelez International shared this agonizing attack too.
The design of Russia’s cyber weapon is for something like war. Let’s take an example from Merck. Merck was having trouble seeking for cyber loss coverage as much as $1.4bn to many insurers. But the insurers refused to claim the coverage because the contract said it was war exclusion, leaving it to the blank note. Who will be responsible for such disruptions?
HP technology firm reported that state-sponsored attack doubled from 2017 to 2020. This becomes the reason for business to be fear for the next following years. It would take no time for it to triple in this year forward. The malware commonly attacks suppliers’ hardware and software. This makes companies hard to detect their value chains. This is totally different from regular cyber-criminals.
Insurance companies adapts to this. That is why the cost for cyber attack is higher. But Notpetya is hidden. The attack is called ‘silent cyber’ creating systemic risk that insurance companies cannot proceed. That is why Llyod’s Market Association excludes war coverage from cyber insurance company.