If an insured suffers a hack / data breach it takes time and money to fix; it disrupts business, leads to lost revenue and can lead to a regulatory fine. This can be protected against.
Hackers accessed an insured computer system and encrypted a number of folders. A ransom demand was made. Insurers responded by sending in a forensic IT firm to investigate the breach and restore the network. In this instance it was a restaurant that was hacked preventing them for accessing their point of sale registers but this could happen in any field eg hospitals, banks, dentists, law firms
A loan aggregator suffered a denial of service attack which crippled its website for several days leaving it unable to trade. This presented a business interruption claim, costs for IT contractors to restore the systems and a PR nightmare! Insurance helped to mitigate each of these adverse events
An employee of a components manufacturing company clicked on a malicious link in an email and malware was downloaded onto the company server, encrypting all information. A message appeared on the employee’s computer demanding payment to be paid by Bitcoin within 48 hours in exchange for the decryption key
A law firm’s network was hacked which put sensitive client information potentially at risk including; a public company’s acquisition target, another public company’s prospective patent technology, the draft prospectus of a venture capital client, and a number of class-action lists containing plaintiffs’ personally identifiable information. The firm then received a call requesting payment to not sell the information on the black market. This could also form part of a 3rd party cyber claim however the first party cover dealt with the matter.