Canadian insurer lost nearly US$1M in ransomware attack
Friday, 01 31 2020, Category: Insurance and Reinsurance, Country: U.A.E
Computers at a Canadian insurance company were disabled for more than one week due to a ransomware attack that resulted in a payout of nearly US$1 million.
The attack happened last October, but is only coming to light now as efforts to reclaim the ransom make their way through the British court system.
The U.K. court action is being led by a British insurance firm with which the Canadian company had a policy protecting it against suffering losses from cyberattacks.
Neither company is named publicly in the lawsuit the British company has filed against the unknown attackers. In a court decision made last month and published Jan. 17, Justice Simon Bryan ruled that hearings in the case would be held in private and that the involved insurance companies' names would not be published, saying anything else would open the insurance companies up to retaliatory and copycat attacks while also potentially giving the hackers a chance to cover their tracks.
"Publicity would defeat the object of the hearing," Bryan wrote.