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The MOVEit Hack, Ransomware Attacks, and Cyber Insurance

Cyberattacks are increasingly frequent, sophisticated, and disruptive for businesses. The recent MOVEit hack and the 2021 SolarWinds attack highlight this reality. Insurers should examine their cyber insurance policies to understand their requirements, notably in relation to notice of a cyber breach. Policies often cover costs related to investigating the breach’s cause and extent, customer or employee notification, and legal expenses. However, some insurers have introduced ransomware sublimits to limit their exposure, making it even more vital for policyholders to carefully review their policies.

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