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Cyber insurance in action

The below examples outline the proactive role cyber insurance can play in helping to deal with a cyber incident:

Phishing scam

A PR company noticed a problem with its emails. Its regular IT contractor investigated and concluded that the most likely cause was malicious activity. The business contacted their insurer, who then deployed an IT forensics team on-site to investigate and confirmed the company had indeed been the victim of a malware attack. It also confirmed that the hackers who deployed the malware had accessed the insured’s systems and that personal data was potentially compromised.

After investigating the extent of the breach, the IT team removed the malware and plugged the gap in the PR company’s security that had allowed the breach. The insurer then engaged legal counsel to advise the insured on its notification obligations, and then arranged the notification of the regulator and relevant data subjects.

Ransomware attack

A ransomware attack encrypted a restaurant’s entire server, affecting its point-of-sale registers and meaning it was effectively unable to trade. The insurer helped the business to get back up and running, covering the IT costs associated with the restoration and the business interruption suffered by the restaurant resulting from them being unable to trade.