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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