Cyber Claims

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With each passing year, more and more organisations are experiencing first-hand how costly ransomware attacks can be in terms of time, energy and money. Behind the scenes, large cyber insurance claims are often an underpublicised source of stress for these organisations, many of whom may wish in retrospect that they had taken proactive steps that would have made the cyber claims process more efficient and more cost-effective.

The reality is that ransomware attacks are continuing to occur at an alarming rate. The cyber problem has become a global crisis – no nation is immune at this point. Regardless of what country you live, work or operate a business in, you need to be aware of common mistakes that unite organisations that have fallen victim to ransomware attacks, and the steps that you and your business can take to pave the way for a smooth cyber claims process.

The mistakes that organisations make during a cyber claim range from minor issues causing minimal damage to significant errors that result in catastrophic financial losses, not to mention the cost to those organisations in terms of time, energy and reputation. S-RM recently conducted a comprehensive study in which the global intelligence and cyber security consultancy firm analysed nearly 450 cyber incidents over a 12-month period and then rated 21 factors by frequency and average impact on costs. This guide discusses several of these themes.

Drawing on the combined insights of S-RM, Baker Tilly US and Paragon Brokers across thousands of incidents, this guide highlights the best practices and common pitfalls faced by organisations preparing for cyber incidents, and their resulting claims processes.