How Hiscox helped a customer bounce back after a ransomware attack

Authored by Hiscox Experts.
2 min read
Person looking at figures on their cellphone and laptop
Cyber attacks cost the average UK small business £10,000 a year. Don’t chance it. As one of our customers found out, a Hiscox cyber liability policy could help you save your business should it all go wrong.

An average workday became a nightmare when a customer discovered his business had fallen victim to a ransomware attack. We sent in our team of experts who swiftly set things right.

One in three small businesses fall victim to cybercrime in the UK. But that didn’t make it any less of a shock for one of our customers when he discovered his clients could no longer access confidential information stored on his company’s cloud servers.

Hiscox Video shape

The business had just upgraded to provide customers with a faster service. But hackers had managed to lock the servers down and were asking for a hefty payment in cryptocurrency to restore access.

As it happens, our customer was well aware of business cyber risks, so he had a Hiscox cyber insurance policy in place. He called us immediately hoping he could recover at least some of his losses.

But, at Hiscox, we don’t do things by half. It’s the reason we have the only cyber insurance policy to score 100% in The Insurance Times’ Cyber Product Report 2018.

We covered all the income our customer lost as a result of the ransomware attack. We also sent a team of specialists to help our customer get his business back on track.

An IT specialist regained access to the customer’s servers. Meanwhile, a PR expert helped manage communications and damage control with suppliers, a lawyer advised on next steps and a security consultant looked into what went wrong and advised on preventing future attacks.

Needless to say, our customer breathed a huge sigh of relief:

“Hiscox pulled out all the stops to save my business. Things could’ve gone very differently if I hadn’t had them in my corner.”

Hiscox offers different cyber insurance products. Please check your policy documents to confirm the coverage you have in place. Please note that the cyber insurance coverage outlined in this claim story may no longer be available.

Interested in one of our products? Call us on 0800 2800 351 or visit our website’s cyber insurance section for more details.

At Hiscox, we want to help your small business thrive. Our blog has many articles you may find relevant and useful as your business grows. But these articles aren’t professional advice. So, to find out more on a subject we cover here, please seek professional assistance.

Hiscox Experts

The Hiscox Experts are leaders valued for their experience within the insurance industry. Their specialisms include areas such as professional indemnity and public liability, across industries including media, technology, and broader professional services. All content authored by the Hiscox Experts is in line with our editorial guidelines.