InsurTech Center

CNA paid hackers $40 million following March cyberattack

Disclosure of the payment will likely ire U.S. leaders who are unhappy that companies are making large payouts to criminals.

By Kartikay Mehrotra and William Turton | May 24, 2021 at 12:00 AM

(Bloomberg) — CNA Financial Corp., among the largest insurance companies in the U.S., paid $40 million in late March to regain control of its network after a ransomware attack, according to people with knowledge of the attack.

The Chicago-based company paid the hackers about two weeks after a trove of company data was stolen, and CNA officials were locked out of their network, according to two people familiar with the attack who asked not to be named because they weren’t authorized to discuss the matter publicly.

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