How We Help Businesses Navigate Cyber Challenges
In today’s digital landscape, businesses face an ever-present risk of cyberattacks. These incidents can result in significant financial losses, reputation damage, and operational disruption. At CEC, we specialise in helping insurance brokers and businesses recover from such challenges and advocate for fair settlements with insurers.
Real-Life Impact: A Case Study
A business faced a devastating cyberattack when thieves hacked into their website, inserting malicious software that harvested customers’ credit card details. This breach didn’t just compromise data; it severely impacted their business operations:
The attack meant the entire platform needed rebuilding with enhanced security. This came at great expense.
During the four-month rebuilding process, the website ran sluggishly, frustrating customers and leading to abandoned purchases. The data showed extortionate sale losses in that period.
The Role of Cyber Insurance and Our Advocacy
Initially, the client’s specialist cyber insurer refused to cover the business interruption loss, arguing there was no "damage" since the thieves exploited vulnerabilities without directly harming the software. This interpretation left the client with no remedy for the substantial losses associated with the cyberattack.
That’s when CEC stepped in…
We worked tirelessly to reverse the refusal to indemnify by challenging the insurers. We were able to negotiate a fair settlement, leveraging our expertise to push for a better outcome and doubled the settlement the insurers initially offered for the business interruption claim. It was noted that the cost of repairing the website and blocking a repeat incident using the technical IT engineers the policy paid for, cost less than a third of the business interruption losses.
This case study highlights that Cyber is essentially a branch of business interruption for the 21st century. All of the income streams of the Gig economy that can be disrupted by Cyber criminals lead to losses that need to be quantified. CEC can bring about a successful result, adding value to the cyber claim process.
Why Choose CEC?
Expert Advocacy: We ensure insurance brokers and businesses aren’t left out in the cold due to insurer technicalities.
Maximised Settlements: Our deep understanding of policies and claims helps us secure the compensation our clients deserve.
Peace of Mind: From navigating insurer refusals to dealing with forensic accountants, we handle the complexities so you can focus giving an excellent service to your clients.
Our client’s feedback says it all:
"Thank you so much for all your help in achieving this outcome, we couldn’t have done it without you."
If you require support for cyber insurance claims, please contact us today on 0141 781 4695 to learn more about how we can help you.
