Claim Scenarios and Responses

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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