Cyber Insurance - Claims Scenario

At DUAL, we are dedicated to educating and enhancing the understanding of Cyber Insurance for brokers and clients alike. 

Cyber insurance provides protection and support to businesses in the event of cyber incidents, helping mitigate the costly repercussions of data breaches, ransomware attacks and other cyber threats. Below is a recent DUAL Cyber claims scenario we wanted to share which illustrates the importance of having this cover in place. 

In this example within the professional services sector, the insured, encountered a significant data breach event. Entrusting their client data to a cloud provider, the insured faced the consequences of a cyber-attack stemming from a software vulnerability within the provider's system. Despite utilising third-party service for data storage, the insured remained accountable to their clients for the security of their information. This incident underscores the susceptibility of cloud systems to cyber threats and emphasises the continued responsibility of professionals to safeguard client data, irrespective of outsourcing storage solutions. 

Recognising the increased reliance of SME's on cloud and other outsourced technology solutions, DUAL's new cyber insurance policy wording specifically extends the definition of Insured Systems to encompass such technologies. This enhancement ensures that DUAL remains at the forefront of providing cyber insurance coverage that is fit for purpose in the current dynamic threat environment. 

If you have any questions regarding our Cyber offering please don't hesitate to reach out or if you would like more information about the DUAL cyber breach response & Claims process please click HERE.