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November 7, 2022

Insurance giant settles NotPetya lawsuit, signaling cyber insurance shakeup

The settlement last week in a $100 million lawsuit over whether insurance giant Zurich should cover losses Mondelez International suffered from NotPetya may very well reshape the entire cyber insurance marketplace.

Zurich initially denied claims from Mondelez after the malware, which experts estimate caused some $10 billion in damages globally, wreaked havoc on its computer networks. The insurance provider claimed an act of war exemption since it’s widely believed Russian military hackers unleashed NotPetya on a Ukrainian company before it spread around the world.

Inside the global hack-for-hire industry

In a quiet alcove of the opulent Leela Palace hotel in Delhi, two British corporate investigators were listening intently to a young Indian entrepreneur as he made a series of extraordinary confessions.

The 28-year-old computer specialist Tej Singh Rathore described his role as a player in a burgeoning criminal industry stealing secrets from people around the world. He had hacked more than 500 email accounts, mostly on behalf of his corporate intelligence clients.