A cyberattack can trigger multiple insurance policies with different limits, retentions and insurers.
One Friday afternoon, I was contacted by a mortgage broker client whose workstations were encrypted with ransomware. While the client appeared to have backups of information stored on its server, there were no backups of critical information stored on workstations that were impacted by the ransomware. The ransom note demand was $250,000 in bitcoin and forensics determined there was no other way to recover the data.
Concierge Cyber membership ensured that that our client engaged the cyber insurer’s approved third-party service providers. Over a 3 day period, the forensics firm negotiated down the extortion payment to $49,000 to recover their critical information. Concierge Cyber membership also offered access to third-party coverage counsel to maximize a member’s insurance recovery. In this case, my clients insurance claim was paid by both their financial institution bond and cyber insurance policies.