In an article published by Insurance Business Canada, CNA's Cindy Huang, Senior Underwriter, Cyber and Professional Liability, discusses enterprise impacts of cyber risks.

‘Cyber risk is not just an IT problem; it’s an enterprise problem. When a company suffers a cyber breach, the impacts stretch far beyond the technology or the systems that were compromised. Cyber events can result in business interruption (both primary and contingent), productivity loss, reputational damage, physical damage, and significant legal repercussions and recovery expenses.’

“First-party expenses could include hiring a forensic firm to come in and investigate where the breach originated from, how to fix it, and the removal of that malware,” said Huang. “It also includes notification costs, as companies must notify individuals if their personal information has been compromised, and the cost of hiring a public relations firm to manage and deliver communication about the breach. Cyber policies also provide coverage for extortion, including ransomware payments and hiring breach coaches to negotiate with bad actors, as well as covering costs associated with business interruption as a result of a cyber breach.”

For more information and personal insights, read the full feature: CNA: Cyber risk is an Enterprise Problem, published in Insurance Business Canada.

Published article: HERE