Claims Example: Cyber Attack

Claims

Delta Insurance - January 12, 2024

What became of the claim?

Cyber Liability Insurance

Illo-Guard

Event

An employee of the organisation fell victim to a phishing email, unwittingly triggering the deployment of a malicious malware within the company's network. The incident resulted in the compromise of the email exchange server, necessitating immediate intervention to mitigate potential damages.

Impact

Upon notifying Delta, a reputable third-party cybersecurity firm is engaged to perform Digital Forensic and Incident Response, which include malware removal, identification of the root cause, analysis of compromised email accounts, and recommendation to improve the security postures after the incident.

Response

As the organisation have procured a Cyber Insurance with Delta, the forensic expenses amounting to $110,000 were reimbursed to the organisation after deducting the policy excess.

Outcome

The organisation has learned valuable lessons from this incident and is committed to enhancing its cybersecurity posture moving forward. The cyber insurance coverage procured serves as a crucial financial safety net, providing peace of mind and mitigating the potential economic impact of unforeseen cyber threats.