On March 18, 2021, the Indiana Supreme Court unanimously reversed a lower court’s ruling that Continental Western Insurance Co. does not have to cover a series of bitcoin ransom payments that policyholder G&G Oil Co. made to a hacker to restore access to the company’s computer systems. The decision was the first by a state top court to weigh in on the applicability of crime insurance to a ransomware attack.
The oil company’s lawsuit sought to force its crime insurance carrier to cover bitcoin ransom payments made to a hacker. The ruling signals businesses may be able to secure ransomware attack coverage under traditional policies that don’t explicitly cover such incidents.
During this panel, speakers discuss types of ransomware attacks and issues businesses should consider when seeking insurance for cybercrimes and cyber risks.
This presentation is presented by the Global Cyber Institute and Lexeprint.