Cyber-attacks are becoming increasingly more sophisticated and more challenging to prevent. With the digital era becoming more deeply entrenched into our lives and directly connecting with everything and everyone, cyber attackers are taking advantage of this target rich environment by becoming more creative and more destructive.
It is important to understand that once a data breach is discovered, a chain reaction of events is set into motion – each typically with a corresponding cost. Below are a few examples of potential costs associated with a Cyber / Data breach:
- Identity theft prevention service expenses
- Incident Response manager fees
- Expenses related to notifying people affected by the breach
- IT forensics firm fees
- Expenses associated with credit card issuing banks
- PCI fines and assessments
- Expenses and fines associated with privacy laws
- Damages associated with consumers lawsuits
- Expenses associated to recovering lost or corrupted data
- Public relations expenses
- Cyber Extortion expenses
- Legal fees arising out of third party claims
In addition, other types of potential exposures are as follows:
- Loss or corruption of data
- First party
- Third party
- Business Interruption
- Staff overtime
- Production delays
- Lost wages and profits
- Liability
- Communication and Media
- Network Security
- Infrastructure / Operational Controls
- Theft
- Extortion
- Ransom
- Financial theft
- Cloud computing
- Storage costs
- Backup systems costs
- Equipment loss
- Replacement costs
- Contingency planning for data breaches
- Distributed Denial of Service (DDoS)
A Cyber/ Data Breach exposes the insured to potentially significant business interruption and extra expense losses. At Imperium, our strength lies in our experience and providing our clients positive outcomes. Our team consists of seasoned professionals that have the experience and knowledge to assist our clients collaboratively in order to help them through the many insurance challenges the organization will face in the wake of a Cyber/ Data Breach.
Download the Cyber overview.
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