Cyber Insurance Claim: A Real Ransomware Story

#CyberInsurance #RansomwareAttack #CyberClaim
A real cyber insurance claim: a small accounting firm hit by ransomware, a $900,000 demand, and a $1 million policy that may not have been enough. Gordon Coyle walks through exactly how a ransomware event unfolds, what it actually costs when you add up the ransom, forensics, lawyers, notification letters, and credit monitoring, and why almost 90% of these attacks hit small businesses like yours.

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This cyber insurance claim example shows why coverage limits matter more than almost anything else. Cyber insurance covers far more than data breaches — ransomware and cyber extortion, wire transfer fraud, business email compromise, garden variety hacks, and media lawsuits. When a ransom is demanded, more than 60% of the time it's north of a million dollars, and the FBI says the real numbers are worse than what gets reported. If you run on data and you value it, you need cyber insurance, and you need enough of it.

Don't wait for the claim to find out your limit won't hold. That's the most expensive way to learn the lesson.

⏱️ Timestamps
0:00 The ransomware scenario — an accounting firm gets locked out
0:28 The $900,000 ransom and the Facebook threat
0:52 The firm had a $1M policy — but the claim could exceed it
1:08 "Why didn't you sell us more?"
1:37 Why this isn't unique — ~90% of ransomware hits small business
2:11 Gordon's take: if you value your data, you need cyber
2:29 What else cyber insurance actually covers
2:36 The cost of more coverage — $2,300 vs. $3,500 a year
2:52 The bottom line and next steps