Graff Diamonds paid $7.5M to Cyber Hackers: Lawsuit

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13-Jul-2022

Graff paid more than $7 million in bitcoin to a Russian ransomware firm to stop the publication of client data, according to a lawsuit the jeweler filed against its insurer. The UK-based company suffered a cyberattack last year, when Conti encrypted and stole personal information from the luxury brand. Details of the incident became public after Graff sued Travelers, its insurance provider, in the High Court of Justice in London on June 13. Graff claims it was covered for such a hack, but Travelers has not paid anything, the lawsuit alleged.  In addition to the ransom payment, Graff incurred costs of just over $1.5 million for professional services, such as legal and public-relations advice, according to the filing. In total, the jeweler is claiming damages of $9 million plus costs and interest.

 

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