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Thank you Olaf Classen for posting.
The Swiss Federal Court told the insurer that they must pay the Garmin 2020 ransomware costs. This is a significant step. Firstly the requirement for the insurer to pay the 14 million euro ransom, the second the courts opinion on paying the ransom, and its link to OFAC and potential for sanctions, on the UK insurer involved.
A very interesting area of international law that could be discussed for a long time. That demonstrates the nuances and interpretations adopted globally, when it comes to insurance contracts and cyber.
Ted Dziekanowski Brian D. McCarthy Bob Dix Rachel V. Rose, JD, MBA
#cybersecurity #cyberriskmanagement #ransomeware
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