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Cyber attack

What Happens After you have a Cyber Event? Just announced another global ransomware attack today!!

This will depend on the nature of the attack. Did it effect only your systems or was client's data exposed or both? If you have a cyber liability insurance policy you should notify your claims department. They have a team responsible for coordinating all the activities starting with the initial response. This may include things like, system restoration, data recovery, additional security installation, victim notifications, credit monitoring, credit restoration and public relations. Cost can add up quickly and the claims team will begin to pay your invoices for these expenses.

It is important to understand that cyber liability claims often involve multiple policies and insurance companies. The claims team is responsible for coordinating these policies and claims from the policyholder and third parties involved. There are a range of policies that may be involved. They include stand-alone cyber liability policies, commercial general liability, directors and officers/management liability, commercial crime coverage, and others. Each policy is subject to limits, sub-limits, endorsements, and exclusions.

After the initial response the claims team shifts their focus to defense. Insurance defense can involve a combination of lawsuits, class action suits, management and regulatory fines and penalties. All attempting to reduce reputational damages to your business.

Unfortunately these attacks are becoming more common place. From virus, spam, phishing, skimmers, employee dishonesty, or whatever they create next. The old saying of being prepared is the best plan.

If you would like a review of your current coverage and plan please give me a call at 913-948-6590.

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