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Coalition Security Incident

2023 995 days ago Resolved

Incident Overview

Situation Description

The article discusses cyber insurance claims, common cyber attack trends like ransomware and business email compromise, and how cyber insurance helps businesses recover from incidents.

Event Types

Ransomware Extortion (non-ransomware)

Industry Sector

Technology

Geographic Scope

nan

Response Actions

Restored Systems from Secure Backups Engaged Third-Party Forensic Investigators Fulfilled Formal Breach Disclosure Obligations Notified Affected Individuals & Entities Paid a Ransom Refused to Pay Ransom / Extortion Paid Regulatory Fines or Legal Settlements Offered Post-Breach Remediation Services Notified Law Enforcement Managed Public Narrative & Crisis Communications Revised Incident Response Plan Implemented Advanced Authentication Hardened Attack Surface Conducted Employee Training Shared Threat Intelligence Collaborated with Peers / Community Traffic Filtering / Rerouting Adopted a New Security Architecture Enhanced Third-Party & Supply Chain Risk Management Obtained a Formal Security Attestation or Certification

Impact Analysis

Event Types (2 identified)

Ransomware Extortion (non-ransomware)

Financial Impact

$0 USD

Records Affected

Data Types Compromised

PII (Personally Identifiable Information) Financial Data (Credit Cards, Bank Accounts)

Primary Impacts

Financial Loss Operational Disruption

Key Decisions Made

Coalition's Claims Report provides insights into recent cyber trends, predictions, and attack strategies.; Businesses can file cyber insurance claims to recoup losses, minimize business interruption, and accelerate recovery after a cybersecurity incident.; Coalition helped a technology company recover $150,000 within 24 hours after a social engineering incident and the remainder of lost funds through its insurance policy.

Technical Analysis

Attack Method

Phishing

Additional Information

Overview Cyber attacks can occur at any time, threatening the operational and financial stability of an organization. When seconds matter, knowing how to prepare and file a cyber insurance claim can help ensure your business receives the necessary support, resources, and guidance to survive an incident. Check out Coalitions Claims Report to learn more about recent cyber trends, predictions, and cyber attack strategies. In this Article: What is a cyber insurance claim? What are the most common cyber insurance claims? What is the average cost of a cyber insurance claim? Cyber insurance claims: Real-life case studies What companies look for and why claims get rejected How to start your cyber insurance claim? Additional Resources: Coalition's Guide to Cyber Insurance Cyber Insurance Coverage Checklist Combining Crime and Cyber: Common Claims and Core Coverages Incident Response Impact: A Tale of Two Cyber Claims Research Redux: Examining the Cost of Cybercrime How Coalition Recovered $5.5M After Funds Transfer Fraud Coalition 2023 Cyber Claims Report What is a cyber insurance claim? A cyber insurance claim is a formal request insured companies file to receive assistance after a cybersecurity incident. Its main purpose is to provide businesses with the resources they need to respond, recover, and resume operations following an attack. As with any other policy, a cyber insurance claim correlates with the exact terms and specifications found in the insurance agreement. In todays digital world, cyber insurance is now a must-have for organizations, which face an ever-growing list of cyber risks and vulnerabilities. For example, threat actors can launch social engineering attacks, initiate funds transfer fraud, and commit business email compromise attacks, among myriad other attack methods. While all businesses need to protect against cyber crime, organizations that collect sensitive data including healthcare companies that store health information, businesses that...

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Quick Facts

Company:: Coalition
Date:: 2023
Status:: Resolved
Decision Maker:: nan
Position:: nan
Published:: nan

Source Information

Original Query

company "cyber insurance" claim ransomware attack response

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Timeline

Information Published

nan

Incident Occurred

2023 (995 days ago)

Status: Resolved

Estimated resolution based on age

Actions

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