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Comment on the Superior Court of New Jersey Appellate Division ruling in favour of Merck’s $1.4 billion claim against the insurance industry
May 2023 by Monica Oravcova COO & Co-Founder Naoris Protocol
Following the ruling that Merck’s insurers can’t use an "act of war" clause to deny the pharmaceutical giant a claim against its NotPetya cyber attack, a response to this from Naoris Protocol, a decentralised cybersecurity firm, and its COO and co-founder Monica Oravcova.
”In an unprecedented move, the Superior Court of New Jersey Appellate Division recently ruled in favour of Merck’s $1.4 billion claim against the insurance industry. The claim was for damages sustained in the 2017 NotPetya cyberattack. Around 10,000 machines in its global network and over 40,000 internal machines were crippled by malware.
Monica Oravcova, COO and co-founder of Naoris Protocol, a decentralised cybersecurity solution said ”this is an incredible blow for the insurance industry and no doubt will precipitate a flurry of activity in existing insurance industry underwriting practices.
Lloyds of London have already paved the way in terms of dealing with the fallout of ambiguous policy language by requiring insurers to craft exclusionary clauses for “acts of war” which was the hotly debated theme of the lawsuit.
The effect of the ruling will impact not only insurers but the companies that seek cover. We can expect even tighter restrictions, exclusions and possibly another spike in premiums. Now more than ever ,we need to look to decentralised technology to prevent these attacks as the costs both in terms of productivity and economics, are becoming a trillion dollar headache for business and government”.
