CTS Cyber Outage: what to do if you are impacted?
Authored by QBE
We are aware that many firms will be impacted by the recent cyber attack impacting CTS cloud-services. This attack could impact your ability to serve clients, and there could be data security risks, depending on the nature of the cyber attack.
Practical steps to take now:
- Inform your Professional Indemnity insurer via your broker and cyber insurance provider (if you have one) via their panel breach counsel regarding any breaches and potential claims exposure
- Consider your legal and regulatory reporting obligations – including the ICO. If you have the benefit of a cyber policy your panel breach counsel will be your first point of contact on this
- Activate your Business Continuity Plan in respect of a service provider outage
- Don’t forget post event learning: after the dust has settled, this is a good chance to assess how accurate your assessment of the impact of a third party event has been and how effectively your risk processes have worked.
About QBE
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2018 was US$13.7 billion.
As a business insurance specialist, QBE European Operations offers a range of insurance products from the standard suite of property, casualty and motor to the specialist financial lines, marine and energy. All are tailored to the individual needs of our small, medium and large client base.
We understand the crucial role that effective risk management plays in all organisations and work hard to understand our clients’ businesses so that we offer insurance solutions that meet their needs – from complex programmes to simpler e-trading solutions – and support them in minimising their risk exposures. Our expert risk management and rehabilitation practitioners focus on helping clients improve their risk management so that they may benefit from a reduction in claims frequency and costs.