What’s the single most talked about topic in the boardroom of most companies? Cyber security. This is certainly understandable. When you read the news, you’re apt to find stories about various large organizations – everyone from Best Buy to leading hospitals – suffering high-profile cyber attacks.
At any moment, all the valuable information stored on your company’s digital server might be hacked by cyber criminals. They’ll steal your data, and they’ll either sell it on the black market or force you to pay them for its safe return.
Ransomware attacks have gone up by 30,000%. The ransom amounts have also gone up significantly – from $20,000 up to an average of seven figures now. And it’s not just the ransom costs – it’s the follow-on business interruption costs/loss of income costs, the extra expense costs, and the data restoration costs.
If you’re a business owner who suffers a security breach, you need the help of an experienced public adjuster who knows this new area of insurance and can help you navigate the system. You need to understand what cyber security coverage you have, and what you might require when responding to a cyber-attack where hackers compromise your digital security.
After all, the insurance company hires its own experts – don’t you think you should do the same?
You can’t rely on what you’re told. You need your own experts who can advocate just for you – this means a dedicated team made up of insurance specialists, forensic accountants, and digital inventory specialists who can document your damages and identify the path forward for digital recovery and resumption of business operations.
SMW is here to help. We will thoroughly measure and document your cyberattack damage to present a claim that will help optimize your recovery. Components of the claim may include business interruption and extra expense, breach notification costs, digital forensic experts, remediation expenses, physical damage, crisis communication costs, legal fees, and fines.
Cyber security is now the single most talked-about topic in the boardroom of most companies. Implementing the right defenses to protect against cyber attacks can be costly – but not nearly as costly as failing to secure your most valuable digital assets. Within this fast-moving landscape of exposure, cyber insurance is rapidly evolving. Corporate processes and data are being automated, so businesses have so much to be concerned about when it comes to security. It’s hard to keep pace with the security measures needed to outpace the threat actors. Many companies outsource their data protection systems to third-party professionals, and those third parties are dealing with many Ransomware events.
On this page, you will find answers to cyber-related insurance claim questions. Our thought leadership posts will help you manage any insurance claims process involving a cyber-attack. We have written in-depth posts on the following cyber-specific topics:
Cyber insurance – how can I limit the business interruption from a hacker event?
What are the various types of cyber insurance policy?
What insurance challenges are presented by cyber work and other digital transformation developments?
Should my business treat Ransomware as a new reality?
Do I need a stand-alone cyber insurance policy?
These are just a few of the areas where you will find helpful insights and advice from our experts. Please feel free to review our Cyber pages for information we hope will help you. If you ever need more information, don’t hesitate to contact us directly.
Read more on our blog
Cyber Insurance: Part 2
Ransomware events always result in large insurance claims because they trigger so many unavoidable issues. If you have a Ransomware event where a threat actor gains network access and encrypts it to block access, the first thing they do is demand a ransom. The policy’s network insuring agreement would pay for that ransom. But in addition to that, it would pay for consultants to manage the crisis.