Cyber Insurance Claims Process - Why you need to be prepared for a cyber claim before it even occurs
From June 2019 to June 2020, the Australian Cyber Security Centre (ACSC), who leads the Australian Government’s efforts in improving cyber security nationwide, responded to 2,226 cyber claims and received 59,806 cyber crime reports, at an average of 164 reports per day, or even more alarmingly, one report every 10 minutes1.
Not to mention, on a global level, Cybersecurity ventures, estimates that cybercrime will cost the global economy $6 trillion globally per year, by 20212… which is only months away!
Ultimately, with cyber threats becoming more prevalent against Australian and global organisations, evidently, so too are cyber insurance claims.
In our fourth instalment of our Cyber Risk Masterclass, titled ‘Anatomy of a Cyber Insurance Claim’ we take you through an interactive workshop, using a cyber claim scenario to highlight the cyber insurance claims management process from the minute a cyber incident occurs within your organisation. In detail, we provide practical takeaways to explore:
- The steps you need to take immediately to manage a cyber incident and common pain points that organisations come up against when responding to an incident;
- Best practice guidelines to follow regarding incident response and cyber insurance claims management;
- Organisation and technical actions to contain in the incident;
- Legal issues that you may come up against during the incident response process; and
- How to navigate business interruption losses
Following the practical and insightful workshop, you should confidently understand:
- The importance of having a cyber claims management protocol and why it’s essential to get the notification process correct from day 1 of a cyber incident
- How to effectively respond to a cyber incident
- The interaction between various parties and vendors, and what their role is throughout the claims management process
- Fiona Fong, Senior Claims Advocate, Marsh Claims Solutions
- Katherine Keefe, Managing Director, Cyber Incident Response, Marsh US
- Nitesh Patel, Special Counsel, Gilchrist Connell
- Stephen Lucas, Mangaing Principal, FACS Claims Solutions, Marsh
Learn how to improve the insurance claims process and how to manage a cyber insurance claim, should it unfortunately occur in your organisation.
The information contained in this webinar is based on sources we believe reliable, but we do not guarantee its accuracy. This information provides only a general overview of subjects covered, is not intended to be taken as advice regarding any individual situation or as legal, tax, or accounting advice and should not be relied upon as such. Recipients of this webinar should consult their own insurance, legal, and other advisors regarding specific coverage and other issues.
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