British Jeweller Graff Paid £6 Million Ransom To Attackers Then Sued Insurers

By   ISBuzz Team
Writer , Information Security Buzz | Jul 19, 2022 05:13 am PST

As reported by SecurityAffairs, in September 2021, the Conti ransomware gang hit high society jeweller Graff and threatens to release private details of world leaders, actors and tycoons.

Graff decided to pay a £6m ($7.5 million) ransom to Conti to avoid the leak of its customers’ data and sued its insurance company Travelers for refusing to cover the ransom payment. It seems that the initial request of the Conti gang was $15 million, but it was halved after a negotiation with the cybercrime gang.

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Jake Moore
Jake Moore , Global Cyber Security Advisor
July 19, 2022 1:14 pm

“Cyber insurance must never be placed in the same field as cyber protection as it remains part of the clean-up act. Cyber insurance is not equal to other insurances due to the loss of data not being the same as the loss of a car or belongings. Once sensitive data has been stolen, it is literally in the hands of criminals and it must be dealt with extremely carefully. Better security and staff awareness training play a bigger part in keeping data safe from inevitable attacks.”

Last edited 1 year ago by Jake Moore

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