An insurer pays a ransom for a hacker

A Canadian insurance company is paying 950 000 USD in Bitcoins to hackers in order to reclaim control over its computers. The deal, which has been kept hidden since October 2019, re-emerged in the United Kingdom in January 2020.

The hacked Canadian company had subscribed to a cyber-risks policy with a British insurer. After the occurrence of the claim and the indemnisation of its client, the insurer sought to reclaim the amount paid out and pursued recourse against the guilty party. This procedure takes the form of filing a complaint with the courts against unknown hackers. The secrecy surrounding this case was thus revealed.

The judge in charge of the case authorized the hearings to all be conducted in private. He also accepted to keep names of the insurer and the insured confidential.

The transaction executed in virtual currency will allow tracking down the hacker(s). Blockchain technology could be of great use in solving this case.

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