01 Dec 2022
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British Jeweller Graff Pays $7.5M to Cyber Hackers; Files Lawsuit Against Insurer
The luxury brand was under a cyber-attack when it had to pay the hefty ransom
By: Diamond World News Service
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Jul 13 2022 4:12PM
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Reference: 26429  

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Graff, the British multinational jeweller has filed a law suit against his insurer asking for a cover of the $7.5 million paid as ransom by the jeweller. The UK-based luxury jeweller has reportedly paid more than $7 million in the form of bitcoin to Conti the Russia-based ransomware known to encrypt data.

It was last year that Graff the UK-based jeweller was encrypted by Conti and had to face a virtual attack that threatened to leak sensitive information about the jeweller’s clients. According to news reports the law suit mentioned that the cyber attacker stole personal information of clients from the luxury brand and threatened to publish the same. This incident came to light when Travelers, the official insurance provider to the brand was sued by the company. In a hearing at the London High Court, Graff claimed that they had not received any cover from the insurance provider for the hack, even though the insurance plan mentioned a cover. Graff has since restored its systems and not suffered loss of data.

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