The case began with a ransomware attack on May 21, 2022, in which a threat actor encrypted CiCi’s computer systems and threatened to publish exfiltrated data unless a ransom was paid. CiCi had a cyber insurance policy issued by HSB with an aggregate limit of $3,000,000, subject to a $50,000 retention. Following the attack, CiCi notified At-Bay Insurance Services – HSB’s agent – to receive claims information and, with At-Bay’s approval, retained Arete Advisors, a law firm and incident response firm, to investigate the breach, manage the response, and negotiate with the threat actor. The original ransom demand of $2,000,000 was reduced to $400,000. CiCi ultimately alleged total losses of more than $1,200,000 as a result of the cyber incident.
Court blocks HSB’s ransomware subpoena in first cyber ruling of its kind & more related News Here
