Skip Ribbon Commands
Skip to main content
S1-Post-Only

Cyber Guide Real World Breaches

Data breaches of large businesses are in the news every day. Small and small to medium-sized agencies are not immune. 
The results can be disastrous. Communicating to your entire client base that your system which contains their sensitive
personal data has been lost to hackers or cybercrime, can cripple your agency.


For additional insights, see this July 2020 article from Insurance Journal on How Cyber Security Affects Agencies 







Claim Types


Information provided below is intended to be a standalone web page intended to drive an understanding of IAs being
targets increasing call to action. Examples below are from beginning August 2019 to April 2020. 



Button

Business Email Compromise

(similar claims in PA & NY where insured did not know they were breached)
Side note: Insurance agency did not even know that they were breached. The bad actor has sent the phishing email to Coalition from the insured's mailbox. Coalition reached out to the insured to advise them of the event.
Amount Paid: $32,000
Coverages triggered: Breach response
Notification: Total was $5,500. Involved, local state-wide media and posted notice on website. Notice to attorneys general and any state residents in five states. Note: This is not per-record event given the state-wide media notification.

Button

Ransomware infection of agency's Managed Service Provider

(2 claims so far in California & Utah)
Amount paid: Still pending. $100,000.
Notification: No notification needed given the type of ransomware.
Coverages triggered: Breach response, Cyber extortion, BI and extra expense

Button

Business Email Compromise

(many claims CA, GA, NY, PA, ID, IL, VA, UT, TX, OH, SC, & NV: insured knew of breach)
Amount paid: $174,000 (forensics, attorney, notification, and monitoring.)
Notification and monitoring: $13.00 per record. (This includes notification and three-agency credit monitoring.)

Button

Spoofing

insured knew of breach)
Amount paid: $174,000 (forensics, attorney, notification, and monitoring.)
Notification and monitoring: $13.00 per record. (This includes notification and three-agency credit monitoring.)

















 


 
 
image 
 
​127 South Peyton Street
Alexandria VA 22314
​phone: 800.221.7917
fax: 703.683.7556
email: info@iiaba.net

Follow Us!

Empowering Trusted Choice®
Independent Insurance Agents.​