Three scenarios in which a business will be glad they have cyber insuranceDamage control is essential to combat a cyber crime.
Cyber security can seem like an incredibly abstract issue – until a breach takes place and the virtual becomes reality very quickly. Whether a security breach is as a result of negligence, or your business is the victim of a targeted attack, activating your cyber insurance claim with our team of cyber experts is the most effective way to implement damage control.
An employee clicks on a link in an e-mail and malware is downloaded, which encrypts all the information throughout your organisation. A ransom demand is received requiring payment in 24 hours in exchange for the key to decrypt the information.Potential incident response costs could include:Increased cost of working, ie, overtime once the information is decrypted.Specialist costs to contain and remove the malware as well as recover data.
Specialists’ costs to recover operations and calculate lost revenue as a result of downtime increased cost of working, ie, overtime once the portals are back online.Public relations expert fees to minimise the reputation damage.As these scenarios show, the costs of a cyber attack can be far-reaching and arise long after the actual crime has been committed.