Crawford & Company® and Aon Publish Joint Cyber Claims Guide
As ransomware attacks continue to surge, control and containment are key to managing both cyber incidents and resulting claims, guide finds
With instances of ransomware attacks increasing as cyber criminals become more adept at targeting the “economic pain points” for different organizations to maximize financial returns, Aon and Crawford have pooled their combined cyber experience to produce a detailed guide to help organizations better mitigate cyber risk and manage insurance claims more effectively in the event of an incident.
The guide examines how advances in cyber-attacks, particularly in relation to ransomware, are resulting in a rapid inflation in loss frequency and severity, while simultaneously increasing the complexity of managing the business interruption impact. Given the associated costs and the reputational damage of such an incident, the guide states it is imperative that organizations focus not only on cyber risk prevention, but also preparedness and response.
Aon and Crawford call upon organizations to create a preparedness posture for cyber events and potential exposures, detailing management roles post incident, establishing what specialist support may be required to manage the incident, including IT forensics, forensic accounting, and legal, and ensuring protocols are in place to ensure a rapid response.
The guide also examines the ramifications of the evolving threat environment on the cyber insurance policy and advises organizations to review existing policies to understand how coverage will respond in the event of an incident. Further, it details how early engagement with the insurer, direct correspondence, approvals where required, and agreement to certain causes of action can help ensure a smoother journey to resolution in the event of a claim.
Commenting on the guide,
“A key part of this is understanding the claims process. By engaging with a loss adjuster with full time responsibility to support the insured through the assessment and quantification, policyholders can be much more confident in achieving their desired outcome.”
Aon’s Cyber Solutions offers holistic cyber security, risk and insurance management, investigative skills, and proprietary technologies to help clients uncover and quantify cyber risks, protect critical assets, and recover from cyber incidents.
Access the report here
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Media Contacts
Crawford
+44 7585 901936 (mobile)
Lynn.Cufley@crawco.co.uk
Aon
+44 7971 989065 (mobile)
Iona.Biggart@fticonsulting.com
Source: Crawford & Company