A malicious actor pretending to be tech support gained access to a manufacturing plant’s computer systems. That enabled them to pose as an insider, eventually gaining access to highly restricted information including customer trade secrets, bank details, and other sensitive personal information. The hacker threatened to sell trade secrets to competitors and banking details on the black market, and make sensitive personal information public – unless the insured paid.
Cyber Event Protection covers key response costs, including IT forensics, crisis management, and public relations, notification costs, credit, and identity monitoring, and pursuit costs against the perpetrator. It also covers mandatory data breach notifications, including notice to regulators because of the manufacturer’s failure to keep information secure. Defence and settlement costs for third-party claims made against the insured are also covered.