How to File a Cyber Insurance Claim

When your data is stolen or compromised, you will be grateful for your cyber insurance. It helps you regain control of your identity and handle any financial repercussions of the theft. It’s not enough to buy insurance, though. You also need to know the steps to take in case you ever need to file a claim.

• • Call Your Insurance Agent

    After your data is compromised, you must take action right away. Contact the company that issued your cyber insurance policy and explain the details about what happened – what information was stolen, which website was involved and when it happened. Find your agent’s contact information on your policy.

• • Contact Other Insurance Companies

    In addition to the company that holds your cyber insurance policy, contact other insurance companies. For example, if your laptop containing all your financial documents was stolen, you may be able to file a homeoners’ insurance claim.

• • Prepare for the Investigation

    The insurance company will now start an investigation into your claim. Depending on the size of your claim, the investigation process may be rather lengthy and could include forensic analysis and a legal process.

• • Provide Data to Forensic Analysts

    Forensic specialists are experts at detecting and handling data breaches. If necessary in your case, they will discover the technical details of the data breach.

• • Check Out the Response Plan

    A response plan outlines how the breach will be handled. It includes:

    • Credit monitoring
    • Data recovery
    • Implementation of protective measures

  Your insurance agent will provide details about the response plan, so stay in contact to ensure you remain updated.

• • Read Your Coverage Letter

    After you report a data breach to your insurance company, they will prepare and send you a coverage letter that outlines the details of your specific coverage. Read the letter carefully and clarify anything you don’t understand.

• • Monitor Costs

    Paying for a data breach can be expensive and could exceed your insurance policy coverage limits. Discuss any financial responsibility with your insurance company.

• • Understand the Legal Process

    Your claim may involve a legal battle as you perform mediation, negotiate a settlement or file a claim in court. If this situation applies to you, ask your insurance company for a list of approved defense lawyer or discern if you can hire an off-panel attorney. Your legal counsel should have experience handling data breach claims and guiding you through the legal process.

 A data breach disrupts your life and can be challenging to handle. Your cyber insurance can help you navigate this challenge successfully, so understand the steps you need to take as you file a claim.