Big Companies Thought Insurance Covered a Cyberattack

Re:Big Companies Thought Insurance Covered a Cyberattack by arcticbull on Monday April 15, 2019 @01:39PM (#19667112)

IMO this feels like the whole point of insurance. You could restate this as "how are insurers supposed to cost and provide payouts for fires in the factory? It could be anything from a tiny, contained garbage can fire to the whole place going up in a blaze! [0]" Or chemicals in the case of TSMC [1]. Or blackouts at Samsung [2]. Any of this could have been industrial espionage on the same scale as a state-sponsored cyberattack. This is the domain of actuaries.

Of course, they're neither required nor obligated to provide such cover.

[0] https://www.extremetech.com/computing/166775-ram-pricewatch-...

[1] https://asia.nikkei.com/Business/Companies/TSMC-takes-550m-h...

[2] https://www.anandtech.com/show/12535/power-outage-at-samsung...

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Re:Big Companies Thought Insurance Covered a Cyberattack by ozim on Monday April 15, 2019 @02:28PM (#19667590)

Where I live you pay premium, let's say $50 a month and then you get let's say $10000 of your damages covered. So that is what you get from insurance company $10000 and the rest is yours to pay. They just look at the probability like "hey this guy is storing fuel, fire insurance for someone who stores fuel is $100 a month and we can pay only up to $20k".

So it is easy to calculate for insurance companies, they don't go over the factory inventorying what you have in factory.

  It is your responsibility. (they only go after to see what was damaged, because that i what they care about)

Of course you can pay some insurance expert to assess your assets and tell you to buy more expensive or less expensive insurance but there are no magic super specific algorithms for "if 10 people die we pay $50k if 20 people die we pay $100k". All insurances pay up to some amount based on what is your monthly/yearly payment.

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