Just about any organization that uses technology to do business faces cyber risk. And as technology becomes more complex and sophisticated, the scope, severity, and costs of cyber breaches are increasing, whether these breaches lead to damage to data and systems or leakage of sensitive information such as trade secrets or personal data. This development leads to a growing importance of both marine and non-marine cyber risk insurance.
A cyber risk policy can cover a wide range of technology related risks. Examples of risks and incidents include computer viruses, IT supplier failures, cyber extortion, privacy and data protection violations, confidentiality breaches, slander and defamation, intellectual property infringements, (personal) data breaches, denial of service attacks, hacking and data corruption and loss.
In the event of an incident the operations of the company suffering such incident and the company’s relationships with third parties will require the appropriate attention.
We at Circle Freight Int’l Ltd offer a complete claims handling service to insurance companies for all technology related risks. When handling these claims expertise is needed in the following fields: Investigation & Loss Adjusting, IT, Legal and Communication. Circle Freight Int’l Ltd can offer a solution combining expertise in all 4 fields.
By putting together a multidisciplinary team we can meet the requirements in terms of experience and expertise as well as in terms of availability and full-time commitment. Our team consists of Circle Freight Int’l Ltd in-house adjusters and claims handlers together with a team of dedicated partners.
In case of a claim, the insured can declare the damage directly with Circle Freight Int’l Ltd cyber risk claims handlers, who will immediately take the necessary actions and appoint the experts needed. Our claims handlers will manage the coordination of our services with all parties involved.
Circle Freight Int’l Ltd adjusters / surveyors will perform the necessary investigations into the cause of the damage and evaluate the extent of loss suffered by the insured as well as the loss suffered by third parties.
In cases where the IT department of the insured is not equipped to handle the IT breach or our adjusters / surveyors need assistance in determining the cause of the damage, Circle Freight Int’l Ltd can rely on the expertise of ODIT-HOFLINE who, as a dedicated partner, can offer the necessary IT support.
In order to meet the legal requirements generated from a technology related incident Circle Freight Int’l Ltd works with DLA PIPER as a dedicated partner for legal advice and assistance. DLA PIPER is recognized by all of the legal directories as one of the top tier technology teams and have unparalleled experience in all matters relating to technology including procedures with the Privacy Commission.
In cases where customers or third parties are affected by a technology related incident, the way communication is handled will have an important impact on the extent of the damage that is caused. In order to make sure that all communications are dealt with in a professional way, we work with DVN as a dedicated partner. DVN is specialized in crisis communication in all its aspects and can even offer call-center capability.
Circle Freight Int’l Ltd Cyber Risk Team is ready to assist in dealing with any cyber related incident.
Circle Freight Int’l Ltd Cyber Risk Coordination Team:
Shamim Adam – Manager Legal Department / Average Adjuster
Raymond Nhial Mandela – Claims Handler & Assistant Recovery Specialist