Cybersecurity Ventures predicts that cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. Don Meier, Westfield’s complex claim leader states, “If the problem is not going away, focusing on understanding coverages, prevention and recovery is more important than ever.”

Claims handling expertise is at a premium because assessing and calculating damages in a cyber breach claim can be complex. To help customers, claims handlers need to focus on three areas: Understand the complexities of the particular attack waged and the technology behind it; determine whether coverage is available under the applicable policy; and identify the claims handling needs associated with the coverages.

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