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CNA's insurance does not cover all loss of ransomware



CNA Financial Corps cyber insurance does not cover all of its losses from a ransomware attack that forced it to disconnect its systems in March, the insurer revealed in its third-quarter application to the Securities and Exchange Commission.

] "Although we has a cybersecurity insurance coverage that insures against costs arising from cyberattacks (including the attack in March 2021), we do not expect the amount available under our coverage and / or our coverage to cover the losses in all insurances "

CNA did not estimate their losses related to the attack, but they reportedly paid $ 40 million to hackers to regain control of their systems. of the Company's current policy until the end of the semester, as well as future cyber security insurance coverage out

Interest rates for cyber insurance have skyrocketed in recent months.

In a conference call with analysts to discuss CNA's third quarter results on Monday, CEO Dino Robusto said "transaction restrictions" followed The ransomware attack "is now behind us."

CNA reported a profit of $ 256 million for the third quarter, an increase of 20.2% over the same period last year. The insurer's total expense ratio improved slightly to 1

00%, compared to 100.9% for the previous year.

The company reported $ 178 million in disaster losses – compared to $ 160 million in the 2020 period – which includes $ 114 million related to Hurricane Ida. [Netincomepremiumforproperty/accidentincreasedby5%toUSD191billion


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