Willis Towers Watson Media

Forensic Accounting &
Complex Claims (FACC) - Cyber

Your computer system has been hacked, how has your business been impacted? How will you quantify the economic damages sustained by the cyber event and recover them?

Comprised of highly qualified certified public accountants, chartered accountants, forensic accountants, certified fraud examiners, and project managers, Willis Towers Watson’s Forensic Accounting & Complex Claims (FACC) Practice provides technical assistance in quantifying economic damages resulting from cyberattacks.

The FACC team works across all geographic locations, industries and specialties in the quantification of economic damages. Although our underwriting team will focus on policy interpretation, we will work in conjunction with them to understand the details of your cyber policy. Working with your financial and IT teams, we will assess what systems have been impacted and evaluate the financial impact to your business. After gaining an understanding of the total economic impact, we will then quantify the financial ramifications and assist you in presenting a claim to your carriers to recover damages where possible.

Common Areas of Economic Damages

The most common damage associated with a cyberattack is the cost to restore the affected system. Other economic damages such as loss of revenue and margin, loss of customers and potential new customers, additional operating/extra expenses, legal and consulting fees, brand damage and diminution of enterprise value are event specific. In many cases an increase in costs is not immediately obvious and can only be uncovered through a rigorous analysis of your costing system. Our FACC team members have quantified lost sales and increased costs in hundreds of files and recovered billions of dollars for our clients.

We provide the proper support and assist in your business recovery by:

  • Simplifying the claim process so you can focus on returning to normal day-to-day business activities
  • Quantifying the loss amounts and gathering supporting documents
  • Minimizing the overall disruption to business operations by obtaining cash advances
  • Preparing and submitting the claim on your behalf in a format familiar to insurers
  • Participating in meetings, explaining methodology in loss calculations and responding to requests for additional documentation
  • In the event that a dispute goes to litigation, providing expert witness testimony related to the methodology and calculations performed

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For more information contact your Willis Towers Watson Client Relationship Director or:

Ken Giambagno, CPA, CFF
Global Head of Forensic Accounting & Complex Claims
+1 212 915 8599