Cyber Insurance Claims Process

Technology is a critical component to modern business, and it creates a variety of risk factors for companies of any size. If the worst has happened and your company has indeed experienced a cyber-attack or data breach, you will want to review your cyber insurance policy. In the immediate fallout of a cyber event, a targeted organization should reach out to their insurer or broker. Prompt notification is essential to ensure efficient mitigation of the loss.

Cyber insurance claims are an important piece of the puzzle for companies dealing with hacking, fraud, security breaches, and more. One of the key steps in this process is proper documentation and communication. Even if you are not certain your company will end up officially filing a claim, you should still go through the steps of reporting the incident.

When it comes to the actual cyber insurance claims process, it can vary slightly by the insurance company providing your coverage. Typically, there are three parties involved in handling a cyber insurance claim.

  • The insured organization’s defense counsel
  • Broker claims assistance
  • Insurer’s claim team

In the event of a claim,  your insurance broker acts as an advocate on your behalf to assist with settlement strategies and to answer any coverage-related questions. With Roanoke, your shipping organization has access to trained and qualified professionals who are well-versed in the nuances and laws as they relate to cyber attacks. Once a claim is filed, it is the duty of the insurance company to evaluate what went wrong, where the security breach happened, and if the coverage applies, to pay the claim. Additionally, the insurance company or broker may make suggestions to help to mitigate the risk of future occurrences.

While it’s impossible to predict exactly how and when a cyber attack will happen, there are ways for companies to minimize their risks by making some proactive changes to their practices. Some of these strategies include:

  • Safeguard all data related to confidential business practices including trade secrets, intellectual property, personally identifiable information, work products, and employee information.
  • Provide team members with cybersecurity awareness training, including helping employees to learn how to detect and handle phishing attacks and other forms of social engineering.
  • Ensure all VPNs are secure and properly patched
  • Regulate personal device use within your organization
  • Include security software on all employee devices and continually require updates and necessary patches
  • Back-up important data in a format that is easy to restore in the event of a Ransomware attack
  • Maintain an IT department that is up-to-date and well-staffed to continually protect the company

Especially in the transportation industry, the majority of business happens electronically. It is not unusual for one shipment to pass through a variety of third-party vendors, a variety of computers, cloud storage systems, and more. While it is impossible to mitigate every cyber risk against your company, it is vital to take every precaution to safeguard your business, your employees, and your customers.

In the event that your company needs to file cyber insurance claims with Roanoke, we encourage you to reach out to us as quickly as possible to help you effectively remediate the situation and prevent future attacks.

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