Cyber Insurance

According to netDiligence, a leading cyber-security information service, the average cost of a cyber event for a nano-revenue sized firm exceeded $125,000. The 2017 netDiligence claims survey also found that professional services firms are particularly exposed to wire transfer fraud.

According to netDiligence, 30% of reported wire transfer fraud claims were associated with professional service firms. netDiligence found that the costs surveyed wire transfer fraud incidents ranged from $3,500 to $867,000.

Traditional insurance policies weren’t designed for these types of risks. While your traditional insurance program might (or might not) assist you with some aspects of cyber loss event, such traditional policies will not provide coverage for significant portions of such an event.

• Cyber incident response costs: fees to retain the services of a computer security forensic specialists to investigate an actual or suspected event, the cost to expenses to notify clients (often required by law), legal costs etc.
• Loss of revenues and extra expenses incurred to maintain operations after a cyber event.
• Ransomware expenses: the cost of a ransom or costs incurred torecover data without paying a ransom.
• A loss of your firm’s assets from social engineering fraud events.

What will you do if your computers are infected with ransomware? What if a law enforcement entity contacts you indicating that they believe your computers have been compromised by foreign hackers? Do you have a plan if you are victimized by a fraudulent wire transfer scheme?

Staffed with cyber-incident professionals, we partner with a response team that will assist you to formulate a plan to with an emphasis on meeting your legal and professional responsibilities.

Too often, “experts” make cyber security more complicated than it needs to be. Fear not! We will not be asking you to complete a long and complicated risk assessment coupled with a laundry list of loss control recommendations that you’ll barely understand.

We’ll make it simple, effective and efficient. We’ll just ask you to make a few small easy to understand changes. Changes that won’t eliminate your risk, but will significantly reduce your chance of having a loss.