Youbit Hack

DB Insurance denies Yapian's claim of 3 billion won (~USD$2.65 million) following a cyber attack.

DB Insurance, one of South Korea’s largest property-and-casualty insurers, denied the claim of 3 billion won (~USD$2.65 million) by Yapian, a South Korean exchange. The insurer claimed that Yapian violated the 'advance notice obligation', which requires the company to disclose important information prior to obtaining insurance. This information is used to calculate premiums.

Yapian filed bankruptcy after allegedly losing 17% of its assets in December of last year due to a cyber attack. The company suffered damage of 17.2 billion won (~$15.2 million) last year.