This installment in our Decoding Cyber Risks Advisory Series features Kara Altenbaumer-Price with McGriff’s Executive Risk Advisors team and Bolanle Akinrimisi, E&O Claims Manager with Beazley Group.

Kara and Bolanle discuss best practices to ensure a smooth cyber claims experience, breaking down some of the common mistakes insureds make in the hours, days, and weeks following a security incident. These seemingly innocuous mistakes can actually negatively impact use of cyber insurance and result in unexpected, uncovered expenses.

Listeners will learn:

• Why contacting your carrier should be one of your first steps during a security incident
• What specific carrier information should be included in your cyber incident response plan
• Why you should identify cyber vendors such as legal counsel and forensics support before a breach
• How vendor selection can impact whether expenses are covered (and paid) or not
• What expenses to track during an electronic business interruption
• What to do if you have both a cyber and crime policy that could respond to the incident, and how your broker can assist