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QBE European Operations

CTS Cyber Outage: are you impacted?

Service provider CTS hit by major cyber attack

We are aware that many firms will be impacted by the recent cyber attack impacting CTS cloud-services.  This attack could impact your ability to serve clients, and there could be data security risks, depending on the nature of the cyber attack.

 

Practical steps to take now:

    1. Inform your Professional Indemnity insurer via your broker and cyber insurance provider (if you have one) via their panel breach counsel regarding any breaches and potential claims exposure
    2. Consider your legal and regulatory reporting obligations – including the ICO.  If you have the benefit of a cyber policy your panel breach counsel will be your first point of contact on this
    3. Activate your Business Continuity Plan in respect of a service provider outage
    4. Don’t forget post event learning:  after the dust has settled, this is a good chance to assess how accurate your assessment of the impact of a third party event has been and how effectively your risk processes have worked.