Forensic Review

By 31 January 2020

Forensic Review

Deploying expertise, delivering reasonable conclusions

The services of a forensic expert can add substantial value during the submission and negotiation of insurance claims. Insurance policies demand certain contractual representations and conditions and failure to comply with these may be used by the insurer as grounds for denying or substantially reducing insurance payments. In order to satisfy these conditions, some claims may require a forensic investigation or calculation in order to verify the claim cover or amount.

Often Forensic Firms Elmore Partner With
Have The Following Characteristics

  • Forensics Investigators Have Decades of Expert Court Testimony Experience
  • Proprietary Technology
  • Advanced Equipment
  • Multiple Forensics Certifications

There Are Two Forms Of Forensic Review

Forensic Accountant

  • An experienced forensic accountant can be critical for resolving complex business interrruption claims – quickly and efficiently.
  • Experienced forensic accountants understand processes presented by insurers.
  • If all supporting evidence isn’t to hand (it could have been lost in a cyber attack for example) – and some of the facts are missing, forensic accounting experts are able to build a case, using their forensic capabilities.

Cyber Forensic Investigator

  • Digital forensics methods are often used to uncover evidence from electronic devices to get information and verify validity of insurance claims.
  • This is crucial in order to establish the full picture in the event of arson, insurance fraud, wrongful death, etc.
  • Using forensic procedures, an investigator can determine the true cause of a fraud or cyber attack.
  • Often cyber policies pay for forensic investigators to collect evidence of a hack.

Cyber Forensic Investigators And Cyber Insurance

Computer crime and cyber events covered by Insurance will often require a forensic investigation to identify what occurred and provide resolutions to put a business back to where it was before the event occurred.

Forensic Investigations (part of an incident response team demonstrated in the opposite image as the leading way to minimise the cost of a data breach) can be undertaken remotely or in person by an expert array of responders all around the world.

Insurance is evaluated according to the way a policy responds in the event of a claim, by contracting with a responder before an event occurs, it can speed up the response when an event does occur.

As the chart demonstrates opposite, having an incident response team in place is the most significant factor in minimising the cost of a cyber attack:

Source: 2018 Cost of a Data Breach Study: Ponemon Institute

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