The ransomware attack that paralyzed CNA Financial Corp.'s computer system this week is unlikely to affect the insurer's A + financial strength, the S&P Global Rating said on Friday, noting that CNA had cyber liability coverage in place.
CNA & # 39 ;s system remained down on Friday for almost a week after discovering that its system had been hacked by a hacker group called Phoenix.
In its note, the Standard & Poor & # 39 ;s Financial Services LLCs rating unit stated that CNA contained the incident by disconnecting its enterprise-wide system when the attack was discovered on March 21 and other corrective action was taken.
In addition, "the company has stated that it can absorb potential financial consequences as a result of the intrusion through its cyber insurance coverage," the S&P listing said.
CNA declined to comment on the S&P note.
CNA itself is the second largest insurer for cyber liability package policies, according to the latest data from the National Association of Insurance Commissioners. Catalog