“Highly recommend John Phillips. We’ve recently had to claim on our insurance due to the loss of our websites and the whole process has been SO efficient. Every company should have cyber insurance”
Eurolink Connect Ltd
Claim Scenarios and Responses
Claim Scenario
Your computer system is infected by a virus and, as a result, your internal computer network is not available for an extended period of time.
Coverage Response
Payment for lost income as a result of the disruption and expenses incurred to restore operations.
Claim Scenario
A cloud services provider’s system is infiltrated by malware and rendered inoperable. As a result, you are unable to access its data and its business operations are shut down for an extended period.
Coverage Response
Payment for your lost income as a result of the disruption and expenses incurred to restore operations.
Claim Scenario
A fraudster hacks into your internal processing system. Names, addresses and National Insurance numbers for more than 50,000 of your customers are captured from the system, requiring notification to all 50,000 customers.
Coverage Response
Costs to deliver notice to impacted customers, and to provide credit monitoring, a call centre, and an ID fraud policy for impacted individuals.
Claim Scenario
Your system is compromised by malware that permits an unknown third party to gain access to 100,000 customer records containing personally identifiable information. Following your investigation, and notification to affected individuals, the local media runs an article about the event damaging your business’s reputation.
Coverage Response
Payment for lost income resulting from disclosure of the event
Claim Scenario
Your chief financial officer has his laptop stolen. The laptop contains more than 100,000 customer records, including National Insurance numbers.
Coverage Response
Costs for hiring a public relations firm to mitigate negative publicity generated from the incident.
Claim Scenario
You suspect that a fraudster hacked into your internal processing system when the police notify you of identity theft impacting a number of your customers.
Coverage Response
Costs to engage a forensics provider to contain the breach and determine its scope. Legal costs to determine your notification obligations under relevant privacy laws and provide other services to assist you in responding to and managing the breach.
Claim Scenario
A computer virus corrupts your software and data.
Coverage Response
Costs for recovery and restoration of your electronic data and computer programs.
How a Claim Could Proceed
- An employee is sent a malicious email at 4.55pm on a Friday from what appears to be the managing director. This is a classic trick which combines urgency, trust and the desire to start the weekend, making the employee more susceptible!
- The employee clicks on the malicious link and downloads keylogging software which records everything including sensitive client details and bank details. This is a social engineering fraud which would introduce malware. It would require and incident response team to investigate what had happened and fix the issues.
- The local newspaper is tipped off and asks for a statement before issuing their story in the next edition. Here you could benefit from the services of a public relations firm under your cyber insurance policy to help to maintain goodwill with your client base.
- More than 2,500 credit card details were stolen or compromised. Privacy liability cover would be used and data notification costs would be covered. Should there be any legal claims brought by customers the defence costs could also be covered.
- The hacker returns threatening to publish the financial data of your customers unless a ransom of £50,000 is paid. In this case the incident response team could investigate the threat and decide whether they should pay the ransom which would be covered under the cyber policy or if they can fix the issue without resorting to this. It has also been shown that once your services have been breached cyber criminals are more likely to make repeated attempts. A policy may also cover the betterment of your systems to better protect you from this threat.
- The malware also damaged the hard-drive in this case. A cyber policy may also cover the costs to repair, restore or replace the affected parts of the software and even hardware systems.
Looking at a claim such as this it becomes apparent how costs can build from one very simple act. It’s important to consider whether you could foot the bill for all of these services and how it would affect your business if you were not able to.
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