From First Alert to Final Resolution: Anatomy of a Cyber Insurance Claim
Session Summary:
A cyber event can move from technical disruption to business crisis in minutes. This session walks through the lifecycle of a cyber insurance claim, including the first notice of loss, activation of the response team, forensic and legal coordination, insurer engagement, documentation, coverage considerations and resolution. Through the perspectives of carrier counsel, breach response counsel and the broker/claims advocate, attendees will gain a clearer understanding of key roles, critical decision points, common obstacles and the steps that can help preserve coverage and accelerate recovery.
Learning Objectives:
Cyber insurer consent requirements for retaining vendors and incurring costs
Recovery options in event of ransomware (Pay ransom and recover through threat actor decryption vs. recovering from viable backups)
Business Interruption claim process and resources within the policy to cover forensic accounting expenses
Cyber policy aggregate limit and strategic planning of how to deploy limits
Claim examples at each stage of the ransomware life cycle to demonstrate the impact of not collaborating and cooperating with the cyber insurer
Speakers: Micah Hoffman, Cyber Claim Assistant Vice President & Counsel- Travelers
Sean Hoar, National Office Managing Partner & Chair - Constangy
Bret Ommodt, VP, Sr. Claim Executive - IMA