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Cyber Loss Extra Expenses– Potential Insurance Claim

Quality documentation and forensic analysis is the cornerstone to effectuate a positive result on a cyber claim. Most cyber risk policies include coverage for business interruption or loss of income and extra expenses associated with a breach, which typically can make-up some of the more significant costs. When a cyber business interruption loss occurs, it is the responsibility of the risk manager or policyholder to lead the development and presentation of losses caused by the event. Immediately after a loss, significant attention, leadership and data analysis are required to fully document a claim.

Keep in mind that a complex loss will be evaluated for insurance purposes or for a general audit, therefore it is essential to quickly establish a claim validation and presentation process to capture and document all loss-related costs.

Potential Extra Expenses:

  • Replacement of destroyed servers, processors and other hardware
  • Cost of purchase or replacement of software
  • Cost of integrating new software into legacy systems
  • Cost of recreating lost data and customized programming
  • Costs of forensics to determine point of failure in the systems
  • Extra costs of operating at hot/warm site
  • Public relations expenses
  • Crisis management expenses, rapid response security professionals
  • Cost for notifying customers impacted by the breach and or the subsequent potential issues
  • Increased costs to source alternative product
  • Additional cost shipping of the alternative product
  • Inspection of alternative product
  • Government regulations issues
  • Spoilage of WIP inventory
  • Employee overtime
  • Forensic investigators and accountants

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About Imperium

Imperium Consulting Group, LLC, is a specialized advisory business that works with clients to better manage commercial risks as well as resolve complex claims and disputes.

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2021