The billion-dollar jewelry company claims its insurer failed to cover a $7.5 million loss caused by a Bitcoin ransomware attack.
British multinational jeweler Graff Diamonds Corp. has filed a lawsuit against its insurer, The Travelers Companies, Inc. , for failing to provide indemnity after it paid $7.5 million in Bitcoin to ransomware hackers.on Wednesday, Graff’s security systems were exploited by the notorious Russian hacking gang Conti in September 2021. The breach allowed the group to access data belonging to “high-end” customers, including U.S.
In November 2021, Graff paid the gang 118 BTC , half of the amount initially requested. The company said it had to pay the ransom to protect its customers.
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