What to do in the event of a Cyber attack…

Cyber insurance is an insurance product used to protect businesses and individual users from internet-based risks, and more generally from risks relating to information technology infrastructure and activities.

Coverage provided by cyber insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data or defamation; and other benefits, including regular security-audits, post-incident public relations and investigative expenses, and criminal reward funds.

Tips to protect yourself from an attack:

  • Prevent a significant loss of data by taking regular back-ups.
  • Look out for red flags – Training for employees around identification of phishing emails, suspicious attachments and unusual financial instructions from colleagues whose emails have been modified.
  • Change passwords frequently.
  • Control sensitive data with use of confidential waste disposal or shredding.
  • Control release of sensitive data by telephone where scammers will pose as another body and request passwords etc.
  • Record the emergency cyber helpline from your policy as a manual record for easy access if systems are down.

In the event of an attack:

There are strict criteria to be observed around notification of a cyber or crime attack, notably immediate notification to Insurers (check your policy wording for period of time allowed before reporting). Insurers’ specialist teams will provide IT guidance aimed at minimising the ‘down time’ and using latest intelligence to combat, limit loss and remove known viruses.

On this basis, immediately on identification of or concerns around a potential cyber issue, please arrange to:

  • Notify Insurers immediately using the emergency helpline provided in your policy wording.
  • Notify Thomas Carroll so that we can coordinate all parties and ensure your business is being protected.

Many businesses have their own IT suppliers who they may wish to instruct for assistance on the basis that they know their systems. However, unless this supplier has current knowledge of the very latest scams and viruses, their involvement may prolong the disruption and Insurers may not accept their costs. In these circumstances, we recommend that you seek approval from Insurers before directly authorising any party.

For assistance with notifying a cyber claim against your policy, please contact your dedicated Claims Executive or call 02920 853788.