Digital assets loss occurs when company data or software is corrupted or destroyed as a result of a network security failure. This type of loss can come as a result of an outside network breach or an inside job carried out by an employee.
XYZ Architecture had just put the finishing touches on a set of 3D CAD drawings for a new academic building at a local university. The firm sent out an internal communication thanking everyone for their hard work on the project and announcing that the job was nearly ready to deliver to the project owner. Later that night, a disgruntled IT administrator accessed and destroyed the CAD files, destroying months’ worth of hard work and putting the firm in danger of losing its contract with the university.
How does the Victor policy respond?
Digital Assets Loss is covered in the Victor Cyber Protection Package under Digital Property Replacement. The policy covers the reasonable and necessary cost to replace, restore or re-collect digital property from written or electronic records. Additionally, investigation expenses such as disaster recovery and computer forensics is also covered.
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