Cyber Claim Scenario – Hacker Attack
(First Party Claim)
Cyber Insurer CGU has provided this claims scenario and how there cyber insurance responds to the scenario
A transport company discovered its servers had been infiltrated by an unidentified third party, allowing the third party to access files. This included accessing personal identifiable information including credit card information.
Unauthorised and fraudulent transactions were made on the transport company’s customers’ accounts in multiple states and countries.
The transport company was required to notify all affected customers, their personal information had been compromised and offered affected individuals credit monitoring services. The transport company was also concerned about the possible reputational damage they could suffer, so a public relations expert was brought in to assist.
The breach resulted in costs and expenses of approximately $100,000 to identify the affected individuals, notify them, set up a call centre and respond to customer enquiries.
Another $150,000 was incurred in legal costs and expenses to determine reporting requirements and respond to regulatory investigations into the privacy breach. In addition $29,000 was spent on IT forensics costs incurred to restore the data and stop the breach, and a business income loss of $250,000 was also suffered – totalling $529,000.
CGU Cyber Defence provides coverage for all elements of the loss including customer notification costs, establishment of call centre for customer support, credit monitoring expenses, brand and business interruption loss.
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