From email scams to system breaches, cyber threats are a real concern for businesses. To give you a better understanding of how our Cyber Insurance product can respond in real life situations, we've put together a selection of claims scenarios.
These examples are designed to help you place business with confidence and show your clients the value of compressive cyber cover.
Example one: data breach leakBackground An insured’s system was compromised, resulting in client data being exfiltrated and published on the Dark Web. The insured obtained an injunction to prevent media coverage and paid a ransom to have the data removed. Response The policy responded to cover legal expenses, IT forensic costs, and the extortion payment. Total incurred was approximately $500,000. |
Example two: email compromiseBackground An insured suffered a business email compromise, exposing significant client data. Immediate legal and IT forensic support was needed, but coverage confirmation was delayed. Response The policy's incident response expenses endorsement meant that even if the claim was declined, the costs incurred with panel vendors up to the date of declinature would be covered by the policy. This gave the insured comfort and certainty to engage panel experts. Lesson Demonstrates the value of the incident response expenses extension.
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Example three: supplier email scamBackground A hacker breached the system of an overseas supplier and emailed the insured with fraudulent bank account details. After a phone call with the supplier, the insured mistakenly believed the new details were legitimate and transferred a significant payment to the hacker. Response The policy responded under the $250,000 social engineering sub-limit. Lesson Even with verification steps, fraud can occur - highlighting the importance of social engineering cover. |
Example four: denial of service attackBackground An insured’s website - critical to their sales - was taken offline for several days due to a denial of service attack, resulting in a significant business interruption loss. Response A forensic accountant was engaged to assess the loss, with all costs covered by DUAL (not eroding the deductible or policy limit). The insured’s loss of $150,000 was covered under the policy. |
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Cyber branch response claims process
More of our Cyber Insurance claims examples
DUAL's cyber incident hotline
Knowing who to call when a cyber event occurs is critical, so every DUAL Cyber Insurance policy comes with access to hotline support provided 24 x 7 through our dedicated incident response team and backed by a panel of specialist service providers.
In the event of a claim or loss, contact the Cyber Incident Management team.
P: +64 (0)4 831 0243
P: 1 844 502 9237
Any product information discussed in this blog is subject to the terms and conditions of the policy, eligibility criteria, any additional premium for optional cover, limitations and exclusions.
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The information contained in this blog is intended for licensed insurance brokers and other authorised intermediaries only. DUAL issues insurances on behalf of Certain Underwriters at Lloyd’s of London and/or HDI Global Specialty, acting as their agent. The information is of a general nature and does not take into account the objectives, financial situation or needs of any person. It is intended for the use of professional intermediaries who are expected to consider whether it is appropriate for their clients. Before recommending or offering any insurance product, intermediaries should read the policy wording and assess whether the product is suitable for their client’s circumstances. These are available on request or via our website at DUAL New Zealand.