Imagine it is the start of a working day and you are having difficulty logging into your computer. Unfortunately, you notice that your business has been victim of a ransomware attack and the hacker is demanding a ransom payment of £10,000 within 48 hours to restore your systems.
You also soon find out that the hacker has accessed your confidential customer data and set up fraudulent accounts using their information. The hacker has been making payments on behalf of your customers, totalling tens thousands of pounds… So what happens next?
YOU HAVE A
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YOU DO NOT
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RESPONSE |
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You call our Cyber partner’s incident response helpline and are immediately assigned a specialist team who manage the response to the attack. |
Total panic. Your IT team are unable to handle the attack and your data was not securely backed up externally as you never planned or prepared for this situation. |
RANSOMWARE |
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You receive support from a cyber expert in assisting with the negotiations with the hacker and the cost of the ransom is covered under your policy, as well as the costs of decrypting your data. |
Due to the time-sensitive nature of your work, you are forced to make payment straight away. It then takes your IT team weeks to decrypt the files, during which time you are still unable to access your systems. |
DATA PROTECTION |
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| A regulatory specialist Lawyer deals with the investigation and notifies the Information Commissioner’s Office (ICO) and affected customers following the data breach. All costs are covered. |
You are liable for all costs associated in notifying the ICO and affected customers and dealing with the regulatory investigation. This totals a further £10,000. |
CRISIS CONTAINMENT |
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Specialist PR and legal teams handle everything on your behalf and take charge of all external communications to mitigate reputational harm. |
You have no in-house PR expertise and therefore have to pay a PR agency £5,000 to help you handle the crisis and mitigate your business’s reputational harm. |
PRIVACY PROTECTION |
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Costs incurred in defending and settling the claims against your business for failing to keep your customers’ data secure are covered. Your customers are satisfied with the outcome. |
Your affected customers are so unhappy with how their data was used and handled that they walk into the open arms of your competitors. |
CYBER CRIME |
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The funds lost by customers as a result of the hacker’s fraudulent payments are also reimbursed through the policy, including the costs of investigation. |
Your business is sued for £50,000 by your affected customers as a result of fraudulent payments made by the hacker using their account details. |
CONCLUSION |
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| All costs are covered under your Cyber policy, ensuring your business is up and running within days with minimal disruption. |
Your business is liable for the tens of thousands of pounds incurred in responding to the attack. It takes your business weeks to recover, during which you lose a lot of customers. |
Our team have extensive experience in arranging Cyber insurance for businesses of all types and sizes. We work with market-leading cyber underwriters and specialists to deliver policies that are purpose-built to protect our clients against today’s digital risks.
We can easily identify your business’s exposures by conducting a complimentary KYND report which will provide you with simple and understandable insight into the cyber risks your business faces. Please click here and fill in your details, then we will be in touch with your report.
To learn more about our Cyber Insurance offering, please click here. To arrange this cover, please contact our dedicated cyber experts:
020 7977 4800
cyber@specialistrisk.com