Posted by Robert Cooper on May 03 2017
It does very much depend on the type of attack that has been made on your systems or Web site. However, below are examples of some of the areas you will spend money. How much? How long is a piece of string?
Have you budgeted for the following Expenses in managing your Cyber Risk?
· Payment of a ransom? (Maybe a cheaper solution to get your system back temporarily)
· data recovery and data rebuilding (IT consultants and data recovery contractors),
· Loss of reputation on the business (You will need Crisis Managers, Public Relation consultants, Staff communications, clients and other stakeholders, marketing and advertising),
· Various Accountants and consultants’ fees needed to measure and prove the loss
· Managing the recovery – particularly to mitigate breach of privacy or confidentiality of client information and informing all of them who are affected by a breach how you are dealing with it (mandatory breach reporting requirements)
· Lost Sales due to this Business Interruption (particularly when ability to generate online sales has been affected),
· additional costs incurred to maintain business operations or mitigate sales losses – hiring a more specialist firm to deal more quickly with being off air
Cover these expenses with a Cyber Risk Insurance policy. Ask us how?
Last changed: May 03 2017 at 10:23 AM