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ABOUT
Cyber Risks
Cyber attacks are occurring more frequently and they can have a significant impact on a business. They can cause financial losses, impact the company’s reputation in the marketplace, and potentially, lead to litigation.
SERVICES
As the world’s premier forensic accounting firm, our global experts are available to immediately respond when a cyber risk related issue occurs.
Our experts will analyze expenses that may be required to repair or replace equipment that was damaged in the breach. Additionally, we can determine what costs pertain to improvements that will be required to enhance systems or plug vulnerabilities. Our professionals are skilled at sifting through vast volumes of data to identify any losses that might have occurred. We are also up-to-date on the latest information and cyber risk policies and procedures.
We offer cyber risk services such as:
- Participating in discussions that may be initiated within hours of the breach
- Determining what geographic regions have been affected by the incident
- Identifying, segregating and classifying any expenses related to the attack
- Examining the company’s operational and financial records
- Analyzing industry data such as historical buying habits to determine/measure the effect of the breach on profits
- Comparing projected to actual performance before, during and after the attack
- Examining non-loss-related issues that may have impacted sales in the affected period
- Expert and witness testimony if necessary
OUR TEAM
TEAM INFORMATION
Contact our team members using the details below. These contacts simply supplement
any MDD contacts you may already use to help find the resources you need.
Experience
Experience
Contact one of our experts below or filter experience based on region.
ARTICLES
RELEVANT ARTICLES
Our experts are extremely knowledgeable about thier subject areas and often write educational material and commentary on topical issues they come across.
Ghosts, Ghouls and Cyber Claims
We usually think of Hallowe’en when October rolls around; however, did you know that October is also cyber security awareness month? NetDiligence recently released the 12th iteration of their Cyber Claims Study. They analyzed approximately 7,500 cyber claims from period...
Best Practice in Claims Management: Large and Complex Business Interruption Losses
Business Interruption (“BI”) has hit the headlines in the Middle East possibly more than ever this year, with disputed claims over COVID-19 closures, cyber incidents and anticipated losses following the recent Beirut explosion. This is in addition to BI claims...
Accounting for Business Interruption Loss after Cyber Attack
Cyber attacks are happening with an alarming frequency, impacting mostly small to medium-sized businesses. According to Statistics Canada, in 2017 more than 20 per cent of Canadian businesses reported they were impacted by a cyber security incident. As fears of...
Cyber Losses & Business Interruption
Malware. Ransomware. Phishing. Wannacry. Petya. NotPetya. The terminology of cyber attacks and cyber losses seems to change at a bewildering pace. As technology continues to advance and businesses become more reliant on their IT systems, cyber attacks will become more...
Non-Damage Business Interruption
This month our technical briefing introduces the broad topic of non-damage Business Interruption (BI), including a discussion on: The typical boundaries of traditional property damage business interruption insurance. What we mean by the term 'non-damage BI' and types of events...
3 Tips On How To Protect Your Firm From Fraud & Internet Theft
While we’re thinking about turkey and cranberry, an important business holiday will come and go – not with the same fanfare as Thanksgiving perhaps but with significant potential for preserving the business future for those who take note. During International...
Cyber Loss – The Cyber Threat Facing Businesses
Businesses face the risk of financial loss and disruption due to theft of private or sensitive information, attacks on IT systems, and fraud. MDD's Norman Kwan shares that cyber risks policies are still evolving and there are issues that need considerations...
Training Opportunities
TRAINING
At MDD, we offer a variety of free-of-charge training opportunities for our clients to give them a better understanding of how policy wording is applied in the real world and some of the common quantification issues we come across.
This training will focus on:
- Understanding the main differences between a typical property-damage business interruption loss and a cyber loss
- Using real examples, this training will illustrate some of the key challenges that arise when quantifying losses related to a cyber incident
Training may vary from region to region. Contact us here to discuss your training needs.
