Client Alert: Claims and Clean up Information for WannaCry Ransomware Cyber-Attack
The ransomware cyber-attack that hit hospitals, government agencies, and tens of thousands of computers on May 12 was unprecedented in how quickly and widely it has spread.
If your organisation has been impacted directly or indirectly through a customer or supplier, you should act quickly to contain the outbreak and collect information you may need to file a claim.
In the critical period after a cyber breach, businesses should:
- Stop the damage. If you have not been able to contain the outbreak — or you are not sure whether you have contained it — you may need to contact a technology vendor. A cyber insurance policy may cover this expense, but it might require prior approval.
- Manage the initial response. Communicate the issue within your organisation to stem the spread of the attack and assist in tracking your cyber response team’s claim-related activity.
- Document the timeline of events. Tracking what occurred from the time of the breach through full recovery will assist in estimating the “period of recovery” for the loss.
- Establish a protocol for identifying and properly categorising claim-related costs. This will facilitate potential recovery against relevant insurance policies.
- Provide analysis. Catalogue all business interruption, extra expense, or other financial impacts, even those not easily captured.
If you need help with any of these steps, contact Marsh Risk Consulting via your client executive.
Marsh Risk Consulting has teams specialising in cyber risk, forensic accounting and claims, and reputational risk and crisis management.
Disclaimer: This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable and through our experience as insurance brokers, but we make no representation or warranty as to its accuracy or appropriateness for your individual situation. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) arrange insurance and are not an insurer. LCPA no. 17/0057