Call us Today (877) 787-5258

AXIS INSURANCE SERVICES, LLC: Cyber Claims Scenarios

Following are several Cyber and Privacy & Network Security claims filed in the past.

Stolen Identities

A business was hacked by someone who stole the Social Security numbers and bank account details of its employees and customers. The information was sold to a website which uses the information to create false identities. The defense and damages resulting from the lawsuits exceeded $900,000.

Lost Data

An employee’s company laptop was lost on the train. The laptop contained files of private financial information of the employer’s customers. The company had to pay for notification to its customers that its private financial information was no longer secure. The customers sued the company for damages resulting from its failure to protect their private financial information. The notification costs and settlement totaled $350,000.

Troubled Employee

A problematic employee found out that he was about to be terminated and, in response, stole personal account details that the business held on its clients, and published them online. When the clients found out about this, they sued for invasion of privacy and demand remediation. Total settlement and defense costs exceeded $600,000.

Customer Privacy

An employee at an engineering firm found a way through his company’s network security defenses and gained access to a customer’s trade secret. The employee sold the trade secret to a competitor. The customer sued the engineering firm for the failure to protect the trade secret and was awarded for damages. The customer received over $500,000.

Physical Files

Confidential paper files containing names and checking account information of an organization’s donors were found in its parking lot dumpster. The press gained access to the documents and published an article in the local newspaper. The organization needed to notify all affected donors and pay for advertising in the local newspaper. The notification and advertising costs added up to around $50,000.

Network Security

An employee inadvertently downloaded a destructive computer virus onto the company’s network, resulting in widespread data loss and transmission of the virus to a client’s computer network. The client sued the company, contending it should have prevented transmission of the virus. Damages of $750,000 were sought for the lost data and economic loss caused by the network security breach.

Social Engineering

Someone posing as the CFO requested the W-2s of all employee so they could process returns. The controller forwarded the W-2s to the imposter. Subsequently, false tax returns were filed on behalf of employees. Costs incurred to date are in excess of $250,000.

These are only claims examples: minor changes from actual suits have been made to protect the confidentiality of all clients.

Learn about our product

Cyber Liability/Privacy & Network Security

Claims Scenarios

Following are several Cyber and Privacy & Network Security claims filed in the past.

See details

Cyber Liability/Privacy & Network Security

Cyber Hotline/Resources

Axis Insurance Services, LLC provides a free hotline to all our clients whether you purchase Cyber coverage or not.

See details

Cyber Liability/Privacy & Network Security

Why Cyber Liability

All types and size companies are targets of cyber attacks today. Whether you are a large accounting firm or healthcare provider.

See details

PRODUCTS

Tail Coverage Insurance

For nearly two decades, the insurance professionals at Axis Insurance Services, LLC

See details

Contact us about our tailored cyber liability
and privacy & network security solutions.

How can we help you?

Your Cyber Protection Is On Our Agenda

Our mission is to help customers identify and prioritize their Cyber Liability insurance needs, provide the most competitive coverage options available, and offer superior customer service. Each and every business has a distinctly unique set of products or services. We are committed to offering flexible and intelligent coverage solutions tailored to meet our customers’ needs. Put our experience and expertise to work for you. Give us a call at (201) 847-9175.

Agents & Brokers

Please visit our wholesale website for PLRisk for applications for Professional & Management
Liability products for your clients.

View

Connect to Our Cyber Hotline
& Resources

Connect

Schedule a Consultation
Stay tuned with us on social networks!