What are the most common cyber insurance claims?

Mostly, cyber insurance claims relate to human error, for instance an employee or director making a mistake, clicking on a harmful link or downloading a harmful file.

The most common claims are:

• Ransomware or malware – A hacker gains access to your systems and sensitive data which they might encrypt before demanding a ransom to decrypt it.
• Phishing – A fraudulent email deceives an employee or director into providing sensitive business information or perhaps even passwords. Often these types of emails will attempt to deceive a business into making a payment to the criminal’s bank account. Accounts departments are particularly vulnerable to this type of crime and this is known as funds transfers fraud or push payment fraud (PPF).
• Business email compromise – A cybercriminal gains access to your business email account which they can potentially use to monitor your business communications and payments. They intervene and send emails on your behalf without your knowledge in an attempt to get your business or third parties to pay funds to their criminal account. They can continue undetected for months without your knowledge. Sometimes they will change passwords, blocking your access to your own email account.
• Traditional data breaches and associated legal costs – A cyber event which results in the loss of confidential data.