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May 23, 2017

Kenneth Dort and Katherine Armstrong Quoted in Business Insurance on WannaCry Ransomware Attack’s Effect on Cyber Insurance

Chicago partner Kenneth K. Dort and Washington, D.C. counsel Katherine E. Armstrong were quoted in a Business Insurance article titled, “Cyber insurance in Spotlight after WannaCry Ransomware Attacks.” The article discussed how the global malware attack could further boost interest in cyber insurance but is expected to lead to relatively few insurance claims, in part because of the relatively low amount of ransomware demanded by the criminals.

Katherine explained that it would have been difficult for entities that were impacted by the ransomware attacks to get coverage because, to do so, “you have to have good data security.” Ken pointed out that while the incident is unlikely to lead insurers to change things at the macro level, on the micro level, it will lead them to “pay more attention to the details, and being sure they have control over what their insureds are certifying” with regard to their cyber security.

Read “Cyber Insurance in Spotlight after WannaCry Ransomware Attacks.”

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