Business Cyber Attack - How to Recover Compensation

Cyber attacks can happen to any business no matter how large or small, but the greater number of attacks generally center around companies that use more computers or computing devices and especially when they connect to the internet. Recovering compensation for these attacks is sometimes more difficult because there is no criminal to catch most of the time.

The Harm of a Cyber Attack
While computers dominate the world of business in the 2000s and beyond, there are many that can and will cause chaos or harm to a company or even a single individual through an internet or cyber-attack. These incidents are rife with viruses, trojans, malware, spyware and constant digital attacks that can shut down an entire network within a single or multiple buildings. If there is a Denial-of-service attack, the individual or hacker is constantly sending barrages of these interruptions to the service of the network. While a single criminal element causes problems, a host of them will shut down a large company with little trouble for days at a time.

The Number of Attacks
Cyber attacks have been on the rise and even more than doubled from the years 2016 to 2017. One report explained that more than 300,000 attacks happened in 2017 with more that were never reported or were undetected by the company. Most businesses will experience these severe issues at one point in the life of the company. Cyber attacks and crime are on the rise, and it is usually only with legal assistance and a strong network administrative team and IT support that an entity can fight back or continue to remain active shortly after the initial attack.
The First Step
Before the owner of a company is able to consider recovering from the cyber-attack, he or she must first identify that an attack occurred. This is often difficult without an experienced and extensive IT and tech team. These professionals can also determine how costly the attack was depending on where the hacker or outside source hit and what he or she used to harm the company. However, the average time to discover that a cyber-attack occurred is up to 200 days. With proper cybersecurity, the business can decrease this time significantly and determine the affected areas.
Containing the Problem
To prevent further damage to the system or to understand the full extent of the attack, the IT or tech team will need to contain the problem. This may require additional software, hardware or more manpower. Sometimes, it is possible that a data breach will remain after the hole is no longer leaking information. These steps often require understanding the type of breach, the loss of data, where it took place and what type of cyber-attack occurred. If this issue affects customers or clients, the problem increases in severity. Loss of assets through the attack can also affect the company severely.
Recovering Compensation
When affected by the cyber-attack, the company owner may need to take additional steps long before he or she can pursue a claim. This involves informing the stakeholders, taking steps to restore systems’ functionality and also taking steps to prevent similar attacks in the future. These processes generally require purchasing more software and hardware with a stronger IT team to implement necessary changes that will strengthen the system and network. If the business has an employer that hired an expert to track who attacked the entity, it is possible to hold this culprit responsible for the damage caused.

In the event that the perpetrator is not found, as is often the case, the company can attempt to recover compensation through taxes or insurance. A settlement is possible when the owner or management purchased an insurance policy that covers cyber-attacks in this manner. Contacting the carrier is an important step that the owner may need to take only after restoring the system and engaging in removing the possibility that the same type of cyber encounter will leave the network in the same predicament. He or she may need to explain the plan implemented and how it will help to prevent future incursions of the same type.
Legal Support to Recover from a Cyber-Attack
A lawyer hired by a business to recover from a cyber-attack will usually need to interact with an insurance company. He or she will present the information about the attack and how new steps are taken to prevent a similar problem in the future so that the company may financially recover.