Claims Management
Cyber Claims Management has a qualified team of ‘cyber squires’ who assist insurance underwriters/carriers/brokers with their small business policyholders once a cyber claim is presented. In-house counsel and cyber claims adjusters proactively assist, monitor, cost-review, critique and report on the many facets of the claims process details. Details of this entire process are recorded within a secure claims management system accessible to any authorized party.
Small businesses can have large problems with cyber incidents. Knowing who to contact for forensics, for legal notice compliance, for remediation action and for insurer/broker coordination is paramount in all incidents. Knowledge of what is in fact personal identifiable information or personal heath information should not be taken for granted. Personal credit information strikes just as hard. A third party management entity like Cyber Claims Management, Inc. collates and prioritizes all such factors during and after cyber incidences.
Insurance Policy Review
Small business cyber insurance policies offer coverages which can range from in-place D & O, business interruption, E & O, Property and other policies, to stand-alone cyber policies with coverages for third party liabilities, policyholder breach forensics costs, notification costs and other cyber-claim-related costs. A team of experienced adjusters spend the necessary time in detailed assessment of each policy clause. Timely reporting their findings and recommendations is paramount in all claim investigations.
Policy coverages, limits and indemnity periods are critical for review after a cyber incident has occurred. Is there evidence an actual loss occurred? Forensic teams will be dispatched, and their subsequent reports of their findings should be verified and understood in the details. Might there be malware remaining on the insured network which could show as a secondary attack, thus be a new claim against the policy?
Third Party Vendor Monitoring
The accurate collation of all breach information from the several third party services involved is necessary for accurate policy and coverage interpretation. The Cyber Claims Management team uses rosters of cyber forensic industry costs for comparison to charges proposed or presented. The costs of analysis and remediation can be very high even in small business breaches. An independent entity is necessary to know competitive pricing in these areas.
Whether it was from unauthorized access, theft of digital assets, a privacy breach, an extortion threat or an insertion of malicious code, the subsequent forensic findings should not be taken on their face as fact until proper review by experienced policy and claims personnel.