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A Cyber Insurance small firm example

This is just an example to highlight how a data breach can take place and the resulting claim. Any resemblance to real businesses, people, or events is an unintended coincidence.

A small firm of accountants operates out of an office located on a high street in Kent. The small business has five employees, and serve a variety of local businesses and residents with accounting, tax, and financial advisory needs.

Malicious actions have consequences

A newly hired receptionist receives a seemingly innocent email from what appears to be the company’s internet service provider; the email contains recent company news regarding the provider. The receptionist clicks the link to read one of the articles in the email. But by clicking the link the receptionist has inadvertently downloaded a Randsomware virus. This infects the computer in seconds, and within minutes the entire internal network is compromised.

Later that morning, every machine in the office freezes at the same time. No inputs can be made, as all employees are locked out of the machines. A few seconds later a message scrawls over the screen demanding £25,000 worth of Bitcoin be paid in ransom, before the machines will be unlocked.

Claim in action

When the accountant’s insurer are informed they immediately dispatch a forensic investigator to determine the culprit, meanwhile a specialist team works to unlock the machines. The insurer helps the accountants to go through their appointments for the next few days and explain the situation to clients.

The viruses have not damaged the computers, so the specialist team is able to unlock them and sweep them clean, before updating the virus definitions. All employees are also assisted with further training to enable them to spot and identify suspicious emails to help ensure a similar attack doesn’t occur again in the future.

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