A Real Estate Company Suffered a Data Breach Due to a Malicious Software Attack (case study)

Client Profile

Industry: Real Estate
Annual Revenue: $17 billion
Geographic Footprint: International
Ownership Structure: Corporation

Issue

A real estate company discovered malicious software had been uploaded to its servers by an unidentified third party. Not only did it corrupt their files, but personal information in the files was accessed, including credit card information. This resulted in numerous fraudulent charges on various credit cards in multiple countries.

The insured initiated an IT forensic investigation and employed a public relations expert to manage the reputational damage caused by the breach. Legal expertise was also called in to determine reporting requirements and respond to regulatory entities. Additionally, the real estate company provided credit monitoring services to those impacted by the fraudulent credit card transactions.

Outcome

With cyber liability insurance coverage in place, these expenses were covered. The policy provided credit monitoring services under the customer support and reputational expenses section, covered fees for a public relations consultant as part of the crisis management portion and included funds for loss of business income. In addition, the policy reimbursed them for IT forensic investigation fees, legal fees, data restoration costs and IT vulnerability remediation expenses.

Total expenses covered - over $675,000.

A Real Estate Company Suffered a Data Breach Due to a Malicious Software Attack (case study)2017-08-31T18:47:00-05:00