Myth Busting Cyber Claims: There is more than one way to manage a cyber claim

Amid the changing cyber-threat landscape, most businesses still believe that lawyers are better equipped to deal with high-stakes and high-stress scenarios involving cyber incident management. What are the drawbacks of lawyer-led cyber claim project management? Why should companies take a situational approach to cyber claim management instead of following a one-size-fits-all model? Find out in CyberScout’s and Advisen’s free, 6-page paper Myth Busting Cyber Claims: There is more than one way to manage a cyber claim.

Employing a project management approach to cyber claims

As the cyber-threat landscape continues to evolve, more companies now find themselves exposed to an array of cyber-related risks. While there are legal risks involved in certain cyber incidents, not every data breach is the same and needs to be managed in that way. Contrary to a widely popular perception, not every case is a huge, high-risk situation that entails civil or even regulatory liability.

Addressing a data breach situation requires more than just a legal response – companies nowadays also have to identify operational or reputational exposures, as well as potential subsequent business impacts and ballooning response and remediation costs. While legal and IT services are, and will remain, essential components of cyber claims handling and the cyber provider ecosystem, their expertise is necessary at the right time and not necessarily for every situation that transpires.

“It is time to revisit the models we are using and determine what is best for the insured. It is not about locking anybody out,” Eduard Goodman, Global Privacy Officer at CyberScout, said. “It is about being more inclusive in who may or may not be able to provide value in managing the situation based on what the situation is.”