How Do I Claim for Cyber Insurance?
Caeva O'Callaghan | April 14th, 2021
If the worst should happen and your company’s IT has been hit by a cyber attack, you should already have a solid cyber insurance policy in place. But how do you go about making a claim, and what do you do first?
When you buy any cyber insurance policy, you will be provided with a contact number or email address. These are the experts you need to call if you experience a data breach event.
All you need to do is tell them what happened, and what you know about the data breach which has occurred. These experts will offer assistance, advice and start the damage limitation and claims process immediately.
In this article, we’ll cover the following questions:
- How can I tell if a data breach has happened?
- How do I make a claim on my cyber insurance?
- What happens after I make a claim for cyber insurance?
Your cyber insurance provider will have a designated number for you to call if you think you’ve become a victim of cyber hacking.
How can I tell if a data breach has happened?
One of the most obvious signs that you have been targeted by cyber criminals is if they tell you about it. In cases involving ransomware, hackers compromise an IT system in order to plant a type of virus which freezes the system. The hackers then issue the affected company a ransom demand: if they don’t pay up, the data will be made public or released to their criminal network.
In cases like these, your cyber insurance will be able to provide expert cyber security negotiators who are trained in the safe release of sensitive data. If needs be, your insurance will also pay the ransom fee.
Another sign you have fallen prey to cyber crime is if you suddenly no longer have access to your computer systems. If you can’t log on, or find that your login information has changed, this could mean that criminals have gained access to private information. Be vigilant and watch for any unauthorised changes in the system, and call your insurance company the moment you suspect something is wrong.
If you have good cyber security in place, your antivirus software and other security measures should tell you that your data has been compromised. Always keep this software up to date and running smoothly.
How do I make a claim on my cyber insurance?
Simply pick up the phone and call your insurance provider. They may have a dedicated emergency line which should be operational 24/7, in order that you can report wrongdoing as soon as possible.
Never delay phoning your insurance provider, as failure to act appropriately in the face of a data breach may result in fines down the road.
Once you tell your insurance provider what has happened and why you suspect a data breach has occurred, they will help you navigate the next steps. They should be able to provide expert help to diagnose what went wrong and how, as well as how much information has been compromised.
Once it’s certain that a data breach has occurred, your insurance provider will open a claim for you and guide you through the rest of the process.
What happens after I make a claim for cyber insurance?
Some insurers will supply services that are useful while an attack is still going on. They may also provide aftercare such as IT forensic services, legal assistance or public relations support. They may put your organisation in touch with a Cyber Incident Response (CIR) organisation or their own in-house cyber incident response team. Having your own cyber attack response framework in place is a good idea, before the worst happens.
Most cyber insurance cover seeks to remedy the immediate effects on the organisation. Your insurance will work quickly to restore network systems and data, while seeking to minimise losses from business interruption.
In the event that data has been leaked, there may be legal action from customers, your employees or other affected parties. The defence and settlement of such claims would normally be covered by standard cyber insurance. Certain cyber insurance policies will go further and cover other cyber-related incidents such as computer-enabled fraud – but this depends on your individual policy.
Talk to our experts today about your cyber insurance questions
If you have questions about cyber insurance, get in touch with us today and our cyber insurance team will explain all the relevant cover options to ensure your business is fully protected. We look forward to helping you today!
All Information in this post is accurate as of the date of publishing.