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Why Your Business Genuinely Needs Cyber Insurance

An Overview of Submitted Cyber Insurance Claim Examples


Cyber Ransomware Insurance Claims

  • A NJ nursing home was hit by a ransomware attack of which numerous files became encrypted. The cyber criminals wanted an approximate sum of $30,000. At first the nursing home paid a slight portion of the ransom in order to receive a decryption tool sample. Then, the management opted to depend on its backups for a system restoration. Fortunately, no damage was incurred to any personal identifiable info. However, some critical systems vital to the nursing home’s operation had become unworkable, resulting in a $250,000 repair bill. The home also had to pay another $50,000 for breach coach and forensic vendor services.

  • When a NY hospital experienced a $500 ransomware attack, its facility was significantly compromised. The hospital attempted to restore data via its own systems at a large cost. Ultimately, more than $700,000 was issued to forensics, data recovery, business interruption and crisis management costs.


Cyber Phishing Insurance Claim

  • A company in MD became victim to a phishing attack when an impersonator sent an email with the CEO’s address on it to the payroll human-resource administrator. The fraudster succeeded in getting a hold of the business’s W2 forms, replete with personal info of about 4,000 past and present employees. One of the former workers filed a class action negligence suit against the company. As a result of the phishing attack, the company paid $70,000 for legal defense, notification and call center services and credit monitoring.


Cyber Business Interruption Insurance Claim

  • A NJ business experienced a denial of service attack from an unidentified source, causing a twenty-two hour website interruption and a sustained degradation for another four days. The subsequent business interruption insurance claim involved the corporation’s lack of ability to sell subscriptions via its website, resulting in $750,000 losses, as well as $40,000 expenditure for forensic accounting services.

 

For further information on how cyber insurance can help your business, contact Prime Insurance Agency.

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Summary: Cyber Liability Insurance is one of the most important forms of coverage your company can have. See genuine claim examples that underscore the need here.


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