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CompuWorks began in 1987 in Pittsfield, MA to help businesses understand how computer systems impacted their workflow. Today we address ever-changing technological challenges while creating a positive business impact. Learn more about our IT services.

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Since our humble beginnings, CompuWorks has grown into an award-winning Managed IT Services Provider, building a reputation of technical excellence. Learn more about the CompuWorks way of doing business.

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Cyber Insurance Part 2: The impact of a denial of a cyber claim

Apr 1st, 2022

A claim denial can derail a business’ strategy to recover the costs incurred following a security incident. Here are two instances when businesses were denied payouts:

The Peculiar Case of the NotPetya Attacks1

Researchers at the Cyentia Institute reviewed the 100 largest cybersecurity incidents over the last five years, which accounted for $18 billion in losses, and discovered that the NotPetya ransomware accounted for 20% of those losses. Despite that, the pharmaceutical giant Merck and multinational food company Mondelez International are still in the process of claiming $1.3 billion and $100 million respectively through high-profile lawsuits. In both proceedings, the insurers cited the “war and terrorism” exclusion to deny the claims since in October 2020 the U.S. government indicted six Russian military personnel for the attacks.

When a Canadian Not-For-Profit Was Denied a Payout2

In a case settled in May 2021, Family and Children’s Services of Lanark, Leeds and Grenville (FCSLLG), a Canadian not-for-profit organization, failed to seek CAD$75 million in damages. The security incident involved an unidentified hacker who stole confidential reports and leaked them on two Facebook pages. FCSLLG initiated a third-party claim against Laridae, a company it had hired to revise its website. Despite holding two policies with the Co-operators at the time of the hack, the Co-operators denied coverage under both policies based on data exclusions. The policies excluded any loss “arising out of the distribution or display of data by means of an internet website.”

These incidents should serve as a glaring reminder for your business to completely understand where threats are most likely to emerge from and to ensure that potential losses are included in your cyber insurance policy. While certain businesses may be able to continue functioning as usual due to their financial prowess, you must ask yourself if your business can survive a major financial setback.

Navigating Compliance for Cyber Liability Insurance

While it may seem overwhelming at the outset, complying with your cyber liability insurance policy’s terms isn’t daunting when you have the right support. By leveraging our compliance process automation platform, we can help you with:

  • Understanding the contracts in detail so that you are fully aware of what your policy covers and what it does not cover.
  • Regular automated compliance assessment that will hand you a thorough and accurate analysis of your business’ compliance with the policy’s terms and areas that need remediation.
  • Remediation services to ensure all the compliance risks are remediated the right way and at the right time.
  • Compliance-specific documentation that’s free of human error, fine-grained and policy-specific to ensure your business can produce evidence of due care.
  • Purchasing a cyber insurance policy that offers the right type of coverage at the right price.

We can help your organization comply with or acquire a viable cyber liability insurance policy that’s trusted by others in your industry. To learn more, contact us today for a consultation.

 

Cyber Insurance Part 1: Top 6 reasons your cyber claim may be denied

Apr 1st, 2022

If you think that your cyber insurance claim will be cleared with no questions asked, think again. While reviewing your claim, your cyber insurance provider will assess whether you took “due care” to protect your business from being compromised by a cyberattack. While having a cyber liability insurance policy is non-negotiable today, you cannot be…

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Microsoft OneDrive

Register

During this session, we will broaden user’s understanding of how to best leverage Microsoft OneDrive file sharing and collaboration capabilities within the Microsoft 365 ecosystem.

We will demonstrate how to work with your synced files directly in File Explorer, share files and collaborate with users both inside and outside of your organization.