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In late December, the state’s highest court ruled that a cyber insurance policy covering physical loss to electronic devices and “advertisements” did not cover a ransomware attack. which left coding programs and the ability to use them. The court ruled that the software itself was not protected by “advertisement” and that the software’s mark was not material damage.
Why It Matters
If your business relies on software, your best way to protect against ransomware and other attacks is an additional plan. Insurance is important — make sure you know what’s covered — but so are capabilities such as multiple backups/restores, proper security features, and employee training on phishing and phishing techniques. general. There is no single solution that can prevent an attack, but having a combination of prevention and mitigation strategies can make something on the internet more of a threat than a crippling loss. .
The court rejected the company’s argument, saying that while computer programming is included in the definition of “advertisement,” it is only included when “it is on the media.” The judges also held that the policy requires the physical loss or damage of that media containing the program for the policy to obtain coverage for the program.
The content of this article is intended to provide a general guide to the subject. Specific advice should be sought regarding your particular circumstances.
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