A medium-sized financial firm suffered a sophisticated cyber attack that paralysed their operations for days*. The hackers stole sensitive client information and demanded a hefty ransom to restore access to critical systems.

Lacking suitable cyber insurance, the firm faced a double blow, a costly ransom payment and potential lawsuits from clients for data breaches. The incident severely damaged their credibility, leading to client attrition and a major setback in their growth trajectory. A robust cyber insurance package may have helped cover costs, allowing the business to confidently manage the incident and get back to business.
* These events are a fictional depiction that represent possible real world events.