Cyber risk often touches companies in unexpected ways. In May 2017, an engineering firm learned this when it lost access every last piece of data it held. This included all of the firm’s technical drawings, prints and complex design specifications.
We’ve created a in-depth case study about the event and how our policy helped calculate and cover the financial loss associated with total data re-creation. Here are a few takeaways:
• Even if an organisation is not storing personal data, they are still likely to have cyber exposures.
• Any business that relies on computer systems to generate or store business critical information is vulnerable to cyber risks if they lose or are unable to access their digital files, and purchasing a cyber insurance policy that provides appropriate cover is a key way of managing these risks.
• There is a key difference between data recovery and data re-creation. Lots of cyber policies will only cover the cost to recover data from back-ups, not the cost to re-create data. CFC’s cyber policy provides cover to re-create data from scratch.
Read the full case study by clicking on the link below, and stay tuned for more Cyber Claims Case Studies, now coming to you monthly.