Time is Running Out: Three Important Considerations for Financial Recovery After the CDK Breach
By Scott A. Koman, CPA, CVA, CFE, MAFF
If you haven't taken action with your insurer following the CDK data breach, the time to act is now. Here are three notable points to consider before it’s too late.
1. It may not be too late to start the insurance claim process. Even though it has been almost five months since the CDK breach, some policies have claim filing deadlines that extend well beyond five months after the incident.
2. Beware of working with your insurance company’s “pre-approved vendors,” including forensic accountants. Make sure you review your policy to determine whether using pre-approved vendors is required. If not required to use pre-approved vendors, consider hiring your own vendors instead. Your policy may even cover the fees of vendors you hire to assist with the insurance claim process.
If required to use pre-approved vendors, it may be okay to utilize this resource if you find it helpful, but be aware that vendors pre-approved by your insurance company may not prioritize your best interests. Remember – it is your claim, not the vendor’s claim.
3. Double-check your policy. Every policy is unique. Advice you receive from your insurance carrier, broker, counsel, accountant, or anyone else may be a generalization that is not specific to your policy. Always double-check your policy for crucial items such as coverage specifications and claim filing requirements.
As you work to recover your financial losses related to the CDK breach, Boyer & Ritter can be an essential partner on your team. Contact us to learn more.
