(openPR) - Insurance company Zurich American refuses to pay damages for Sony’s massive data breach, as the yet-unregulated world of cyber-insurance collides with the reality of persistent hacks.
Zurich said it never signed up to pay for the 55 class action lawsuits now arrayed against Sony, which could cost the company around $178 million in damages. To plead its case, Zurich filed papers in a New York court denying responsibility for the bill.
The insurance firm insists Sony’s policy did not cover “bodily injury, property damage, or personal and advertising injury,” and therefore argues it should not have to cover the class action lawsuits.
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