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RESEARCH AND BRIEFINGS

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 Business Interruption and crisis management.

 

Disclaimer: Statements concerning legal matters should be understood to be general observations based solely on our experience as insurance brokers and risk consultants and should not be relied upon as legal advice, which we are not authorised to provide. All such matters should be reviewed with your own qualified legal advisors.

The information contained in this publication is based on sources we believe reliable, but we do not guarantee its accuracy. This information provides only a general overview of the subjects covered.

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