Cyber experts warned that the pandemic would lead to cyber attacks and several insurance companies were among those affected as companies faced a series of sophisticated pandemic-related cyber threats.
It took Gallagher Bassett Services Inc. almost two weeks to bring its entire communications function back to life after a cyber security breach in late September.
A story that reported the incident was the second most read article on employee compensation on Business Insurance website 2020.
On September 26, Gallagher Bassett discovered "a ransomware incident that affected a limited portion of our internal system ", the broker revealed in an application to the US Securities and Exchange Commission. Customers lost access to many system features as a result of the cyber-security breach.
On October 7, Mike Hessling, CEO of North America at Gallagher Bassett, Arthur J. Gallagher & Co.'s claims handling unit, stated in an email to customers and business partners that the company "has continued to make great strides in restoring our systems" and that communication platforms, including email, telephone and conferencing, and internal communication tools "were completely restored."
No. 3 most read story.