ABC Plumbing is a small business that provides plumbing services to residential and commercial customers. One day, the company's computer system was hacked when an employee unknowingly clicked on a malicious link in an email that looked to be from a potential customer requesting a quote. Once the hackers were in the system, sensitive customer information, including names, addresses, and credit card numbers, were stolen. The hackers demanded a ransom in exchange for returning the stolen data.
ABC Plumbing immediately contacted their cyber insurance provider, who provided them with a team of cybersecurity experts to investigate the breach and negotiate with the hackers. The insurance policy covered the cost of the ransom payment, and the hackers returned the stolen data. The insurance provider also covered the cost of notifying affected customers and providing them with credit monitoring services.
As a result, ABC Plumbing was able to avoid any lawsuits and reputational damage. The cyber insurance provider also covered the cost of hiring a cybersecurity expert to implement new security measures to prevent future attacks. Thanks to their cyber insurance policy, ABC Plumbing was able to quickly recover from the cyber attack and continue providing their services to their customers.
For more information, contact the Victor Small Business team at info.smallbusiness@victorinsurance.com.
* The claims scenario is strictly documented for illustrative purposes only and provides an example of what a policy could cover. It is intended to provide a general overview of the program described. Please remember only the insurance policy can give actual terms, coverage, amounts, conditions and exclusions. Program availability and coverage are subject to individual underwriting criteria.
