Ruling would have set a cyber cover precedent in the US
Merck has struck up a settlement with insurers over its $1.4 billion NotPetya cyberattack claim, according to reports.
The US pharmaceutical giant made an eleventh-hour confidential agreement with insurers on Wednesday, putting a stop to a case that could have set a national cyber insurance precedent, Bloomberg Law first reported.
Twenty-six policies were originally at issue in the case, but by last May, when the appellate court delivered its ruling in Merck’s favor, just eight insurers accounting for around $700 million (or 40%) of coverage had yet to settle.
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