As cyberattacks on small businesses continue to increase, it is more important than ever to understand how your business could be impacted by an attack and how cyber coverage could respond. Illustrating the risks of cyberattacks with real claim scenarios may help.
One such claim involved a flooring retailer and wholesaler that had Acuity’s Cyber Suite coverage in place. Cyber Suite is a single product that provides broad cyber coverage. You don’t need to pick and choose which coverages fit each businesses unique needs, saving time and giving you peace of mind that your business is properly covered.
In this claim, the insured had several sales personnel who were in regular contact with customers and vendors via email. A member of their sales staff had their email hacked, which led to customers and vendors receiving phishing emails with links.
When the insured discovered the hack, they called Acuity to submit their claim. At the time, the insured was unaware of the extent of a data breach, if any. They had no idea if the hackers had released confidential company information to customers or vendors or if any customers or vendors had been tricked into providing information to the hackers.
To determine if a data breach occurred, IT forensic analysis needed to be performed. Acuity coordinated with one of our approved partners for the analysis, including consulting with legal counsel to determine what data was compromised, if customers’ or vendors’ personal information was involved, and what customers or vendors may have been impacted. Fortunately, in this case, only two of the insured’s customers were affected by the data breach and both were notified.
Navigating how to handle a cyberattack is complicated and stressful. Having the right coverage and business expertise supporting your customers is important. From data breach responses to settlement expenses, Acuity’s Cyber Suite is a comprehensive insurance solution designed to help businesses respond to a full range of cyber incidents.
Acuity Cyber Suite customers also have access to eRisk Hub, which can help them assess their cyber risk and learn about specific things they can do to prevent cyberattacks. If an Acuity Cyber Suite customer experiences a cyberattack, they are assigned a cyber claim and recovery specialist, someone who is experienced in cyber claims and can connect them to cyber extortion and data breach recovery experts.