Cyber · 2024
Ransomware on a Friday, back online Monday
Form&Function
$610K
Claim paid
2 days
Downtime
<1 hr
Response time
Overview
A ransomware attack encrypted a software firm's systems — and the standalone cyber policy we placed turned a crisis into a weekend.
The risk
Form&Function's general policy excluded cyber entirely, as most do. When ransomware hit, they had no breach coach, no forensics, and no coverage for the six figures of downtime and notification costs ahead.
How we structured it
A year earlier we had convinced them to add standalone cyber cover with 24/7 breach response, business-interruption for digital assets, and extortion coverage.
The outcome
The breach hotline had a forensics team engaged within an hour. Systems were restored over the weekend, notification costs were covered, and the extortion demand was handled by the carrier's specialists.
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