• 01 September 2017

Adam Crosher, Miller’s international cyber insurance expert, introduces vital coverage that organisations should be considering.

In May 2017, a worldwide cyber-attack infected more than 230,000 computers in over 150 countries with the WannaCry virus that allowed hackers to block network access for genuine users, remotely control computers, encrypt data and demand ransom payments for users to regain control.

This type of ‘ransomware’ attack is currently the most common of cyber-attacks, as criminals see this as an easy way to extort money given the importance companies attach to their data.

If this happened at your company, what would be the consequences? Here are some questions you may want to consider:

  • How would I deal with this incident?

  • What is the financial impact on the company if I cannot access our network?

  • Could this have a negative impact on my company’s reputation?

  • What happens if my sensitive client data is deleted, stolen or made public?

  • Should I pay the ransom?

These are serious questions and many would be surprised at the level of tangible support, as well as financial protection, that a cyber insurance policy can provide.

  • Incident response hotline – rather than wondering who to call, you dial one number and a specialist co-ordinator will appoint the necessary experts including IT, legal and PR to help manage the immediate aftermath of a cyber-attack;

  • IT forensic experts – after a breach has occurred, independent experts will analyse, repair and/or restore lost data and check the system is secure going forward;

  • Extortion costs – expert negotiators will work on your behalf to end the extortion attempt, which could potentially include the payment of a ransom;

  • Business interruption costs – this bridges the gaps not covered by a property damage policy and pays loss of net profit during a system outage which could have caused serious financial implications;

  • Legal advice – if personal data is stolen then you may need to inform the regulator and the individuals involved, which costs over USD100 per person. The policy would also pay for monitoring of their credit files to check if any fraud has been carried out as a consequence of the data breach;

  • Liability claims – third parties may sue if their personal data has been leaked or stolen and the insurance will cover your legal expenses as well as any damages awarded;

  • Fines & penalties – these costs can be levied by a data protection regulatory authority for not adequately protecting personal data.


Our international cyber team at Miller can advise on the most appropriate solutions for your business and obtain a range of options to suit your needs and budget.

We have access to over USD400m of cyber insurance capacity, meaning we can handle any kind of placement request, and we place around USD60m of cyber premium into London insurers, giving us significant leverage to get the best deal for our clients, with a quick turnaround time.

Our experience in North America and strong involvement in the U.S. cyber market means we understand the latest trends, claims and coverage issues before they happen in the rest of the world. This is complemented by our regional experience; we are actively working with local insurers in Singapore to provide training and technical expertise, as well as reinsurance capacity/binding authority so they can offer their own products locally.

Ultimately, we focus on innovation, arranging access to bespoke products for our clients. This ensures market-leading coverage which is constantly evolving to keep up with newly identified exposures.

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We would be happy to discuss your requirements in more detail and find the right cyber solution for your business. We also welcome the chance to present our capabilities to you.