Cracking the code on cyber insurance

The Indicator from Planet Money

NPR

Business

4.7 • 9.5K Ratings

🗓️ 19 April 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the wake of the war in Ukraine, American companies are preparing themselves for potential Russian cyber attacks. Many of them will need to rely on an insurance system that has historically looked to avoid paying out in times of war or crisis. Today, why the threat of cyber warfare has the insurance industry scrambling.

Transcript

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0:00.0	NPR.
0:12.0	This is the Indicator from Planet Money, I'm Darien Woods.
0:14.6	And I'm Patty Hirsch.
0:15.9	The United States is not at war with Russia.
0:18.6	But Russian hackers are at war with the US.
0:21.4	At least that's the message that President Biden sent in a recent speech directed to American
0:25.5	businesses.
0:26.5	And a cyber attack against us.
0:29.1	As I said, the magnitude of Russia's cyber capacity is fairly consequential.
0:34.5	And it's coming.
0:35.5	The federal government is...
0:36.5	It's not clear how many American companies have been targeted by Russian hackers since
0:40.3	the West and its partners imposed sanctions.
0:42.9	But companies are trying to prepare themselves.
0:45.4	Some have the resources to build systems to keep hackers out.
0:48.9	But that can be a long and expensive process.
0:51.1	Yeah.
0:52.1	Instead, many companies will likely rely on insurance to cover any losses that they might
0:55.7	suffer in an attack.
0:56.7	But corporations that have already been hacked or warmed or otherwise cyber-assulted
1:01.4	by entities with connections to the Kremlin have found that their insurance comes with
1:05.5	a catch.
	...

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