This month’s cyber claims case study is “Quick Fix Complication.” This tells the story of a US-based healthcare service provider that fell victim to a ransomware attack.
Thanks to CFC’s in-house incident response team, the healthcare service provider managed to avoid a costly notification to their entire patient population and the consequential reputational harm that may have arisen from such a notification.
The key takeaway points are as follows:
- It is essential that when a ransomware attack or any other cyber event occurs, policyholders should engage their cyber insurance provider as soon as possible. By doing so, a co-ordinated response to the event can be devised and any evidence that may become crucial later on can be preserved from the outset.
- The cyber insurance market is becoming increasingly competitive, with new carriers regularly entering the market. Businesses should be aware, however, that not all insurers are alike, and the skills and expertise that a well-established, experienced cyber insurer can bring can make a big difference, especially when making a claim.
- By having our in-house incident response team with specialist knowledge of cyber security and forensics, we were able to prevent the policyholder’s claim costs from escalating and ensured that the organisation’s reputation didn’t suffer unnecessarily. If they had been with a less experienced cyber insurer without a dedicated in-house incident response team, they may have gone ahead with the breach notification process.
You can download the case study here.