At the beginning of the year, the news headlines were full of the malicious cyber-attack on Travelex, the world’s largest retail currency dealer who is headquartered in London. The attackers reportedly demanded a ransom of £4.6m and threatened to release sensitive customer data unless they paid up.
Meanwhile, systems were offline, with their own retail outlets, and major high street banks who rely on their currency exchange services, unable to process transactions online.
Travelex started their own investigation, along with a joint investigation being launched between the National Crime Agency and the Metropolitan Police.
Most Cyber Insurance policies can be extended to include Cyber Crime which would include similar ransom or extortion attacks. The cover provided by a cyber policy may also include support from a forensic investigator, a breach response service, to meet the requirements of GDPR regulations, in notifying relevant authorities and customers, and consequential business interruption losses.
One might expect that the worlds leading retail currency dealer would have extensive cyber security in place to protect their business, but even this level of security can be breached by determined criminals.
Should you be considering a cyber policy to provide back up support for your business?
Talk to us about your risk exposures and a policy tailored to your requirements.