Cyber Insurance Claims

According to a study conducted by The Clark School at the University of Maryland, hackers attack computers with Internet access every 39 seconds on average. As a result, losses suffered by businesses due to cyber attacks has increased exponentially over recent years. Many businesses now purchase cyber insurance to recover both first party and third party losses.

RMFA has been retained by both insureds and insurers in cyber insurance claims. We have experience in:

  • Performing a walkthrough of the timeline of the cyber attack to understand what systems were affected and the impact to revenues and expenses
  • Identifying the documents required to support the losses to be presented
  • Identifying potential areas of loss allowable under the policy 
  • Compiling and reviewing invoices and other source documents to support claims for extra expenses
  • Quantifying business interruption losses (e.g. lost revenues, increased expenses)
  • Reviewing expenses relating to third party losses (i.e. privacy / data breaches) such as credit monitoring services, legal fees, etc.
  • Preparing an expert report for insurance purposes, explaining the impact of the cyber attack on the business in detail and quantifying the resulting losses
  • Collaborating with the insured and insurer to answer any questions regarding our work

Contact us to learn more.   647-426-0146  |

Communications are intended for informational purposes only and do not constitute legal advice or an opinion on any issue. For permission to republish this content, please contact Rehana Moosa Forensic Accounting Professional Corporation.

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