Cyber Claim Scenario – Employee Error

Cyber Insurance Claim Scenario – Employee Error

(First Party & Third Party Claim)

Cyber Insurer CGU has provided this claims scenario and how there cyber insurance responds to the scenario

 

EXAMPLE

A retailer emailed a group of customers to promote a sale with special discounts available to them. The retailer intended to attach a copy of the flyer detailing the discounts but instead attached a copy of a spreadsheet that contained a customer list, including customer names, addresses and credit card information.

RESULT

The retailer was required to notify all affected customers of the error and offered credit monitoring services.

Several of the affected individuals began legal proceedings against the retailer. The notification and credit monitoring costs totalled $50,000, and the amount to settle the legal proceedings with the retailer’s customers combined with the associated legal costs and expenses totalled $100,000.

CGU SOLUTION

CGU Cyber Defence Insurance Policy provides coverage for breach of privacy which includes legal costs, indemnification of third parties and crisis management costs.

Source CGU

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Are Home Networks a Cyber Risk for Your Business?

Are Home Networks a Cyber Risk for Your Business?

It’s not uncommon for staff to take home a company laptop and connect it to their domestic network. That network may be protected by a firewall but internally it is still vulnerable. For example, other devices may be connected, such as family members’ PCs and smartphones, as well as smart TVs, DVD recorders, child monitors, CCTV systems, and even fridges. All of these are capable of being hacked.

Infections From Other Networks

A company laptop may become infected by a virus initiated from another network-connected device. There have been cases of someone else, perhaps a child, using the laptop to surf the Internet unsupervised and allowing the machine to be infected by malware. The staff member then unwittingly spread the infection when the laptop was reconnected to the company network.

The same can apply to smartphones that are connected to both home and company networks.

Cyber Risk from smart TVs and other domestic wi-fi-capable devices

The manufacturers of smart TVs and other domestic wi-fi-capable devices do not usually update their software outside that model’s maintenance cycle, so older devices will not get updates at all. Any infection will spread though the home network.

The best way to avoid contaminating a company network is to insist that strong anti-malware software is installed on every device that may be connected.

Staff should also be encouraged to run two separate networks on their routers. One network should then be used exclusively for the company laptop or smartphone; the other for everything else.

Source: Steadfast

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Cyber Insurance ComparisonPlease note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs