Understanding Cyber Security Claims: What to Know and How to Prepare

From ransomware attacks to data breaches, organizations face increasing risks that can lead to significant financial and reputational damage. Cyber insurance has emerged as a critical tool to mitigate these risks, but understanding how to navigate a cyber security claim is essential for maximizing coverage and minimizing disruption.

At AssuredPartners, we take a proactive, hands-on approach to support our clients through the cyber claims process, while also helping them strengthen their defenses to prevent future incidents.

Watch this interview with Stephanie Spencer, AssuredPartner’s Senior Vice President of Claims, to learn how our team helps you review your policy, strengthen your defenses, and prepare for the unexpected:

What Is a Cyber Security Claim?

A cyber security claim is a formal request to your insurance carrier for help covering losses or expenses related to a cyber event. These incidents can include:

• Data breaches
• Ransomware attacks
• Business email compromise
• Denial of service (DoS) attacks
• Social engineering fraud

The purpose of a cyber claim is to help recover financial losses, address legal obligations, and gain access to key support services such as forensic investigation, public relations, and legal counsel.

What Insurers Need When You File a Claim

When you file a cyber claim, you’ll need to share detailed information about what happened. Most insurers will ask for:

Incident Description

• Date and time of occurrence
• Type of cyber event
• Systems and data affected

Impact Assessment

• Financial losses
• Business interruption details
• Regulatory or legal implications

Mitigation Actions

• Steps taken to contain the breach
• Involvement of IT or cybersecurity teams
• Engagement with law enforcement or third-party experts

Supporting Documentation

• Logs and forensic reports
• Communications with threat actors (if applicable)
• Legal notices or customer notifications

The Cyber Claim Process: Step-by-Step

Every claim is unique, but the process generally follows these steps:

1. Immediate Notification: Contact your insurer as soon as a cyber incident is suspected. Most policies have strict timelines for reporting.
2. Initial Assessment: The insurer will conduct a preliminary review to determine if the incident is covered under the policy.
3. Engagement of Experts: Depending on the severity, insurers may deploy forensic investigators, legal counsel, and PR specialists to assist.
4. Documentation and Investigation: You’ll need to provide detailed documentation and cooperate with the investigation. This phase is critical for validating the claim.
5. Claim Evaluation: The insurer evaluates the claim based on policy terms, exclusions, and limits.
6. Resolution and Payment: If approved, the insurer will issue payment or provide services as outlined in the policy.

Tips for a Smoother Cyber Claim Experience

• Review your policy regularly to understand coverage limits and exclusions.
• Maintain detailed records of all cybersecurity incidents and responses.
• Establish an incident response plan that includes insurance notification procedures.
• Train staff on recognizing and reporting cyber threats. AssuredPartners Risk Management Center offers Cyber Security Training for employee awareness training.
• Build a relationship with your insurance team before an incident occurs. Proactive communication helps streamline the process when it matters

Final Thoughts

Cyber insurance can be a strong safety net, but it’s most effective when paired with preparation and understanding. By being proactive, responsive, and transparent, organizations can minimize disruption and recover faster after a cyber event.
AssuredPartners helps clients navigate these challenges with confidence, providing expert guidance every step of the way.

Disclaimer:
The information contained herein is offered as insurance industry guidance and provided as an overview of current market risks and available coverages and is intended for discussion purposes only. This publication is not intended to offer financial, tax, legal or client-specific insurance or risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms, and/or conditions, and should not be relied on for coverage interpretation. Actual insurance policies must always be consulted for full coverage details and analysis.