kennedys – Emerging cyber risks in the fine art and specie market

Graff Diamonds Ltd, a luxury British jeweller, fell victim to a ransomware attack resulting in a ransom payment of US$7.5 million which it sought to recover from its insurers. Insurers denied cover and Graff went on to sue them. We consider the issues and emerging cyber risks in the fine art and specie market in light of the Graff ransomware attack, and provide our recommendations on possible risk mitigation strategies.