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A malicious actor pretending to be tech support gained access to a manufacturing plant’s computer systems. That enabled them to pose as an insider, eventually gaining access to highly restricted information including customer trade secrets, bank details and other sensitive personal information. The hacker threatened to sell trade secrets to competitors and banking details on the black market, and make sensitive personal information public – unless the insured paid.

Cyber Event Protection covers key response costs including: IT forensics, crisis management and public relations, notification costs, credit and identity monitoring and pursuit costs against the perpetrator. It also covers mandatory data breach notifications, including notice to regulators because of the manufacturer’s failure to keep information secure. Defence and settlement costs for third party claims made against the insured are also covered.

An employee clicked on a plausible email attachment which unleashed a CryptoLocker virus. This prevented the nursing home from operating its systems.

Cyber Event Protection provides coverage for IT forensic technicians to remove the virus, restore the data and secure the IT systems. Resulting loss to the business from decreased revenue or increased costs is also covered.

A retail clothing store operated an E-commerce website which became infected with malicious code. As a result, the website showed black screens to customers and staff were unable to access orders in the system.

The policy covers removal of the malware and restoration of the website. The impact of lost revenue and increased costs caused by the attack is also covered.

A property manager’s server suffers heat damage during a cyber attack and is no longer suitable for commercial service.

Optional Tangible Property coverage covers the cost of repair or replacement of the damaged equipment.

An external supplier of a bedding manufacturer suffers a CryptoWall malware attack. Its ‘Just In Time’ manufacturing plant grinds to a halt for three weeks while engineers and IT experts scramble to restore systems and production. As a result of the supplier’s cyber event, the insured could not source critical components and manufacturing operations were interrupted.

If Contingent Business Interruption cover is applicable, we would pay the bedding manufacturer’s impact on business costs arising from an outage at the external supplier’s business.

An accountant’s employee receives a request from a regular supplier’s email address for payment of an outstanding invoice. The employee pays the supplier in good faith and in reliance on the received invoice.

It turns out the supplier’s invoicing system was hacked and the supplier’s bank account details were changed to the hacker’s account. The paid amount is unrecoverable as a result.

If the accountant’s policy includes Optional Cover for Criminal Financial Loss, including Socially Engineered Theft, the direct financial loss to the accountant is covered, including investigation costs.

A medical centre received communications from a fraudster impersonating the ATO and requiring urgent payment of outstanding taxes.

The medical centre paid the ‘outstanding’ taxes in good faith having believed the demand was genuine.

If Criminal Financial Loss coverage, including Socially Engineered Theft, is applicable, the lost funds are covered, including investigation costs.

A CFO received a fraudulent email from the CEO, whose email account had been compromised due to a Cyber Event, requesting the transfer of a large sum of money. The email convinced the CFO to transfer money to a third party bank account. Later it was determined that the email was not authored by the CEO, but it was too late for the bank to stop the transfer.

Cyber Event Protection will cover forensic investigation of the crime and response costs to remove the threat and secure the email system.

If Cyber Theft coverage is applicable, the direct financial loss the insured suffered also will be covered.

A marketing firm’s phone system gets hacked. The hacker creates a mailbox to route calls overseas. The unauthorised international calls result in thousands of dollars in call charges.

The policy covers the cost to investigate and remove the threat to the firm’s telephone system. Our optional Cyber Theft and Telephone Phreaking Cover pays the direct financial loss to the insured.

The insured notices its computers are running slower than usual. Upon further investigation, someone has hacked into their IT infrastructure to use the processing power to mine cryptocurrency.

Cyber Event Protection will cover response costs to remove the virus.

If Criminal Financial Loss coverage is applicable, the increased bandwidth and electricity costs are also covered.