Category Archives: Merck

How will the Merck settlement affect the insurance industry?

Posted on by

A major shift in how cyber insurance works started with an attack on the pharmaceutical giant Merck. Or did it start somewhere else? In June 2017, the NotPetya incident hit some 40,000 Merck computers, destroying data and forcing a months-long recovery process. The attack affected thousands of multinational companies, including Mondelēz and Maersk. In total, […]

The post How will the Merck settlement affect the insurance industry? appeared first on Security Intelligence.

Continue reading How will the Merck settlement affect the insurance industry?→

Merck Settles NotPetya Insurance Claim, Leaving Cyberwar Definition Unresolved

Posted on by

In a landmark case that blurs the lines between cyber and kinetic warfare, Merck reached a settlement with insurers over a $1.4 billion claim stemming from the NotPetya malware attack.
The post Merck Settles NotPetya Insurance Claim, Leaving Cyberwar … Continue reading Merck Settles NotPetya Insurance Claim, Leaving Cyberwar Definition Unresolved→

Shareholders allege FedEx covered up damages caused by NotPetya attack

Posted on by

FedEx shareholders are accusing the company’s executives of failing to disclose the full extent of the NotPetya ransomware attack while also selling tens of millions of dollars worth of their own stock in the company, according to a lawsuit filed last week. Stock owners filed a lawsuit on Sept. 17 alleging that FedEx brass provided “materially false and misleading statements” about the ransomware attack that locked up systems at company subsidiary TNT Express more than two years ago. NotPetya wreaked havoc on corporate giants including Maersk, the British advertising firm WPP and the pharmaceutical conglomerate Merck. The White House blamed Russia for the attack, which caused more than $10 billion in damages and spurred a number of high profile lawsuits in the private sector. In this case, the suit alleges FedEx failed to inform its shareholders that TNT Express customers were abandoning the company in favor of other logistics providers […]

The post Shareholders allege FedEx covered up damages caused by NotPetya attack appeared first on CyberScoop.

Continue reading Shareholders allege FedEx covered up damages caused by NotPetya attack→

Demand for cyber insurance grows as volatility scares off some providers

Posted on by

There’s at least one part of the financial sector where hackers are good for business. Direct cyber insurance premiums grew to $2 billion last year, up 26 percent since 2015, according to figures published July 25 by Moody’s Investors Service. That figure represents less than 1 percent of premium insurance revenue in the U.S., but it’s clear the increasing claims over the past three years are driven largely by concerns about data breaches, distributed denial-of-service attacks and, perhaps most notably, ransomware. The problem, despite all the demand, is that some insurers are now re-thinking whether it’s in their best interest to keep offering the plans that help clients recover from devastating cyberattacks. Swiss Re Americas, a reinsurer that primarily backs governments and other insurance companies, is reluctant to embrace the cyber insurance market because of unpredictable, and expensive, attacks like the 2017 NotPetya incident, which the White House said caused $10 billion in […]

The post Demand for cyber insurance grows as volatility scares off some providers appeared first on CyberScoop.

Continue reading Demand for cyber insurance grows as volatility scares off some providers→

Chris Vickery on the Marriott Breach and a Rash of Recent High-Profile Hacks

Posted on by

In this Newsmaker Interview, ‘breach hunter’ Chris Vickery explores a recent spate of breaches from Marriott, USPS and Dell EMC. Continue reading Chris Vickery on the Marriott Breach and a Rash of Recent High-Profile Hacks→

Oracle Provides Workaround for Critical Flaw in Identity Manager

Posted on by

Oracle has warned customers about a critical vulnerability in the Oracle Identity Manager (OIM) that could allow an attacker to gain complete control over the user management system. OIM is part of Oracle’s Fusion Middleware suite of business applications and provides user provisioning and management. Companies use this application to add new accounts for employees..

The post Oracle Provides Workaround for Critical Flaw in Identity Manager appeared first on Security Boulevard.

Continue reading Oracle Provides Workaround for Critical Flaw in Identity Manager→

NotPetya ransomware cost Merck more than $310 million

Posted on by

The NotPetya cyberattack has cost the American pharmaceutical giant Merck more than $135 million in sales and $175 million in additional costs since June, the company said in a call with investors Friday. That number comes in addition to the $300 million loss FedEx said it suffered when systems were disrupted until as late as September. The shipping company Maersk lost $200 million when its systems were infected by the ransomware outbreak. The nation of Ukraine got the worst, however, with more than 1,500 people and organizations reporting being affected by the ransomware. In response, NATO pledged to increase aid to Ukraine’s cybersecurity. The June attack impacted Merck’s global manufacturing, research and sales for nearly a week. Company email was disabled, 70,000 employees were forbidden from touching their computers, and instructions were sent via copy-and-pasted text messages. The exact cause of the infection remains publicly unclear. Merck’s pain may not yet be over. […]

The post NotPetya ransomware cost Merck more than $310 million appeared first on Cyberscoop.

Continue reading NotPetya ransomware cost Merck more than $310 million→