Cyber Claim Scenario – Extortion
A small accounting firm’s client records were locked by ransom software. The company was only able to get files released after paying a ransom of $50,000 to hackers.
The firm contacted law enforcement and working with law enforcement, determined the payment should be made.
• $150,000 was paid for business interruption loss, the ransom demand ($50,000) plus consultants costs to advise on handling and negotiating the ransom, and the costs to restore the network as the hackers refused to release the files despite the ransom payment.
CGU Cyber Defence provides coverage for the payment of extortion monies and costs involved in negotiating, mediating and crisis managing to end the security threat.
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