May, we remind you about GDPR?
Sheridan Insurances offer cover in regard to data breach, cybercrime, theft of funds, reputational damage,
Recent Claim examples:
Solicitors Practice– Malware Incident
A solicitors practice was the subject of a cyber-attack, where they believed malware got into their own systems as a result of an employee clicking a link from an e-mail in error. Upon clicking the link, their email and accounts systems froze and they received an email message demanding the payment of a ransom fee to unfreeze their systems.
The business spent a couple of weeks, including weekends, to ensure the network was clear of the virus and back to normal operations. Total costs incurred to assess the damage were in excess of €15,000.
Medical Centre – Telephone Hacking
A practice recently had a new VOIP (web hosted) telephone system installed in their practice to reduce call costs. Fraudsters managed to use a piece of software to crack the password to the phone network and programmed the telephone system to repeatedly make calls to a premium rate number owned by them.
One month later, the firm was contacted by their telephone network provider to confirm that they had racked up £25,000 worth of calls. Despite confirming that they had been the victims of hacking, the telephone company insisted on payment of the outstanding bill.
Financial Institution – Social Engineering Fraud
A financial controller at an insurance brokerage received an email from the managing director, who was currently out of the country on holiday. The email advised the employee that a payment of €25,119 needed to be made that day. The financial controller tried to call the MD on her mobile to check the payment details, leaving a voicemail. In the meantime, a further email was received clarifying these details.
Because the request was not uncommon and not wanting to delay things further, the employee went ahead and made the payment. Upon reviewing the request, however, he noticed that the email address didn’t look quite right and that it was actually misspelled. Realising it was fraudulent, the police and bank were quickly notified, but the €25k could not be recovered as the money had already been withdrawn and paid into other accounts.
Cyber Insurance cover helps protect your business from loss of earnings and damage from:
a) Cyber Liability.
b) Privacy Liability.
c) System Damage.
d) System Business Interruption.
e) Consequential Reputational Harm.
f) Regulatory Actions & Investigations.
Cyber Cover premiums start from €500
For more information or to get a quote for cyber cover contact 049 4380084 or email email@example.com