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A settlement has been reached and both side have come to an agreement following the 2017 Merck cyber attack, its only taken 6 years of back and forth. The Act of War clause was disputed and an appellate court ruled in 2023 that the war argument could not be used.
One is not sure that its a boost to firms post cyber attack, but it does bring to an end the long running Merck case and no doubt paid back a significant amount of the cyber remediation costs.
One wonders the effect on cyber and D&O insurance, following cyber regulation now enforced by the SEC and the future direction of insurance claims in the Eu when EU NIS 2 and DORA land.
Ted Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberinsurance #cyberrisk #directorsandofficers
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