Page 34 - November 2019 BarJournal

CYBERSECURITY, DATA PRIVACY
FEATURE & EMERGING TECHNOLOGIES

ASSESSING DAMAGES AND filing deadlines (e.g., 60 days from date notice. To be prepared, organizations
PREPARING THE PROOF OF LOSS of incident). In addition to utilizing should take proactive measures in
A Proof of Loss is an insurance claim employees to assist in preparing the report, planning a good offensive strategy and
from the insured company to the insurer. consideration should also be given to having a solid Response Plan in place.
Victim organizations will need to work engaging outside legal counsel and experts
towards assessing damages required to support a substantiated insurance
to support the Proof of Loss. Damages recovery claim. The victim company
should notify the affected parties in a data Christine M. Meador is a
breach if required (e.g., “The presence forensic accountant at Medica,
Whether you are a of ransomware on a covered entity’s LLC. She has extensive
basic user or a business, computer or business associate’s computer experience in accounting,
budget development, grant
ransomware attacks do not is a security incident under the HIPAA work, financial reporting, internal controls,
Security Rule.” https://www.hhs.gov/sites/
differentiate between victims. default/files/RansomwareFactSheet.pdf). financial analysis and litigation support.
In the event an organization is Christine focuses on assisting nonprofits
not satisfied with results, such as the and other organizations with fraud
may include lost profits associated with insurance company’s financial calculation prevention, detection and forensic
not being able to operate a business due of lost profits, the wise move would be investigations. Christine has been a CMBA
to computer systems not functioning to get a second opinion. Furthermore, if member since 2017. She can be reached at
as well as “extra costs” incurred by the the company is not receiving the proper cmeador@medicacpa.com.
organization in order to operate its assistance, there is always the option to
business, such as hiring additional IT file in the courts to recover losses. A special thanks to the FBI Cleveland
professionals to mitigate damages. As reports of ransomware attacks Field Office for contributions with FBI
In preparing the claim, it is critical continue to grow, victim companies, recommendations and to Dennis Medica
to know what your policy offers in experts and law enforcement agencies with Proof of Loss and insurance policy
advance, such as hiring of experts and urge organizations to prepare and take recommendations.

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CLEVELAND OFFICE COLUMBUS OFFICE
1375 East Ninth Street 10 West Broad Street A LAW FIRM BUILT FOR BUSINESS.
One Cleveland Center + 29th Floor One Columbus Center + Suite 1900
Cleveland, OH 44114 Columbus, OH 43125 KJK.com
216.696.8700 614.427.5731

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