Cyber Liability Insurance - Claims Examples

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The following are examples of where Cyber Liability Insurance policies have paid claims:

For all questions on Cyber Liability Insurance call us now on 01905 21681 or email us here.

What went Wrong?  How Cyber Liability insurance helped! COSTS 

ROGUE EMPLOYEE

An employee of a large consumer reporting agency steals the personal information of millions of customers.

• The costs of forensic experts to establish what data was stolen from which individuals.
• The costs of notifying the millions of individuals whose data had been stolen
• The costs of credit monitoring for the affected individuals to make sure they suffered no on-going losses after the information theft
• The costs of a legal breach coach to prepare the business for investigation
• The costs of representing and defending the business in the ensuing legal action that was brought against them
• The costs of the damages that were awarded against the business

$1m fees and costs

$5.1M in damages

$1m Defense costs

 LOST AT THE VENDORS

A business’s email server and hard drive was stolen while they were in the possession of an outside vendor

• The costs of forensic experts to establish what data was stolen from which individuals.
• The costs of notifying the individuals whose data had been stolen
• The costs of credit monitoring for the affected individuals to make sure they suffered no on-going losses after the information theft
• The costs of a legal breach coach to prepare the business for investigation
• The costs of PR consultancy to advise and guide the firm with its external media communications about the event

 $3m

 HACKING - HOTEL

Hackers gained access to computer systems of 26 hotel locations 

• The forensic costs to establish what data was stolen from which individuals (nearly half a million credit cards and names were exposed)
• The costs of notifying the individuals whose data had been stolen
• The costs of credit monitoring for the affected individuals to make sure they suffered no on-going losses after the information theft
• The costs of a legal breach coach to prepare the business for investigation
• PR consultancy to advise the business about mitigating reputational damage after the incident

 $980,000

 HACKING – CARD

A payment card processor’s system is hacked compromising credit card data

• The costs of forensic experts to establish what data was stolen from which individuals
• The costs of notifying the millions of individuals whose data had been stolen
• The costs of credit monitoring for the affected individuals to make sure they suffered no on-going losses after the information theft
• The costs of PR consultancy to mitigate the reputational damage to the business after the breach
• The costs of a breach coach to prepare the business for investigation
• The professional representation costs for the investigation by the payment card industry
• Legal representation and defence costs for the legal action that was brought against the company

 $20M

Other Examples of instances where Cyber Liability Insurance would have helped to ease the pain.

POINT OF SALES SYSTEM

A supermarket’s point of sales system was hit by external malware, disabling communication between the registers and the inventory machine. The supermarket ran out of stock and had to close until the till system was fixed and stock replenished.

RECORDING KEYSTROKES

Over 200 retail outlets (including 150 branches of a large fast food chain’s) point of sales system were infiltrated, loading keystroke loggers to record all data entered or swiped through the system.

BACK UP TAPES

A multinational insurance company was punished by a multimillion pound fine by the UK’s regulator when it lost a backup tape containing the private details of over 46,000 policy holders.

LONG TERM CRIMINAL OPERATIONS

Over 4 years a criminal operation stole proprietary information from several of the largest oil and gas organisations. Key hash techniques had been implemented to siphon correspondents and data relevant to industry specific matters including oil exploration and cooperative deals between the infected organisations

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