The IT director for a construction company discovers that the company's systems were compromised due to a ransomware attack. After the discovery, the business immediately informs its cyber liability carrier. It invokes an incident response plan to restore its systems, recover compromised documents, and provide credit monitoring for current and former employees.
Cyber threat actors will go to extremes to get their target, even impersonating actual clients. When a law firm is scammed by a "client" out of $89,000, their comprehensive cyber liability insurance steps in to help rescue them from a potentially crippling loss.
Partnering with third-party vendors is a good way for businesses to outsource administrative needs. However, these vendor partners must be thoroughly vetted for their cybersecurity practices. Learn how this accounting firm learned the hard way the importance of selecting third-party vendors that align with its cyber security practices and how cyber liability insurance ultimately saved it from financial loss.
