Although cyber insurance is simple at its core – where property insurance protects against the theft, loss or damage of tangible assets, cyber insurance does the same for intangible assets – claims often develop in unexpected ways. That’s why we’re launching a Cyber Case Study Series, which will take a deep dive into some of the real-life claims that our incident response team has handled.
We’re launching the series with “Backup Breakdown” which tells the story of how a ransomware attack and backup failure crippled an engineering firm, and how cyber insurance helped calculate and cover the financial loss associated with total data recreation. The takeaway? Any business that relies on computer systems to generate or store business-critical information can have a very real exposure to cyber risks if they lose or are unable to access their digital files, and should have a cyber insurance policy in place that provides appropriate cover.