Cyber: The cyber experts

Forensic Accounting

BTVK Advisory has extensive experience in quantifying business interruption losses arising from both traditional risks, such as fire and mechanical breakdown, and in more recent years, cyber risks.  As technology becomes more integral to the modern production, supply and sales chain, the risk of financial losses from cyber attacks or network interruptions continues to grow. We are experts in quantifying the financial losses resulting from a cyber attack or network interruption.

Forensic Technology

The Forensic Technology team possess a vital mix of skillsets that include software development, IT support, E-Discovery, database engineering, digital forensics and cyber security / information assurance. The team brings technical and investigative experience from military, law enforcement and corporate environments where those skillsets were learned and certified. The team specializes in cyber risk consultancy, cyber claims reviews and digital forensic investigations. Our work product is thoroughly documented to allow auditing for accuracy, repeatability and verifiability.

Crisis Claims Consulting

Our Crisis Claims Consulting service enables the faster resolution of time-critical, complex specialty claims, such as cyber, by providing both the policyholder and insurer with a single, trusted resource for independent accounting advice. BTVK Advisory is well positioned as an experienced provider of independent claims expertise and forensic accounting advice to act in the mutual best interest of the policyholder and the insurer.

We have extensive cyber experience

In the event of a cyber-attack, BTVK Advisory would be involved in the quantification of the financial losses resulting from the attack or network interruption.  Take a look at just some of our cyber assignments. 

finding hidden files
Finding Hidden Files

An employee at a company in Spain was suspected of fraudulent activity with regard to electronic trading activity. A forensic technology review of the employee's laptop computer was performed to identify hidden or deleted files.

  • Corporate / Investigation
  • Technology, Media & Telecoms
  • Cyber Consulting / Forensic Investigation / Forensic Technology
  • Spain
Data Capture for Government Investigations

On numerous occasions, we assisted a government agency undertake data capture from various sites throughout the UK. This included evidence captured on-site from both live and switched-off computer systems and imaging pre-seized computer systems in our secure lab; keyword searches across disk images; and extraction and indexing of application- and web-based email for agency review.

  • Insurance / Investigation
  • Government / Public Services
  • Corporate consulting / Cyber Consulting / Forensic Investigation / Forensic Technology
  • United Kingdom
Digital Evidence Recovery During Liquidation
Digital Evidence Recovery During Liquidation

Conducted digital evidence recovery for a large electricity company in the UK undergoing liquidation. The acquisition of data from computer systems was meant to safeguard the administrators and to facilitate an investigation into the movement of funds around the company.

  • Legal / Investigation
  • Energy, Mining & Utilities
  • Cyber Consulting / Forensic Investigation / Forensic Technology
  • United Kingdom
iStock 2991072 Code and key Cryptolocker
Law Firm Suffers Cryptolocker Attack

A US law firm suffered a cryptolocker attack, preventing access to servers and requiring a manual reinstatement from back-up files. A claim for loss of income was presented based on lost hours. We ascertained that lost hours were subsequently made-up by salaried employees working extra hours, all deadlines were met and no new instructions had been lost. While personal cost of working extra hours was acknowledged, no overtime was paid meaning no additional cost was incurred. The claim was subsequently withdrawn.

  • Insurance / Quantification
  • Business & Professional Services
  • Cyber Consulting / Liability / Casualty
iStock 42637374 MEDIUM DDOS Cyber attack
DDoS Attack on Online Retailer

An online personalised product manufacturer suffered a cyber attack making its website inaccessible to external users. A claim for loss of gross profit and restoration costs was presented. We confirmed a distributed denial of service (DDoS) attack had been sustained, and verified that the claimed loss was reasonable and the deductible correctly calculated. We also identified system upgrades included in the restoration costs, which were excluded from the settlement figure.

  • Insurance / Legal / Quantification / Investigation
  • Retail & Consumer
  • Cyber Consulting / Forensic Investigation
Spear Phishing E-Mail Fraud

An international chemicals company presented a fraud claim resulting from a targeted ‘spear phishing’ email attack. We analyzed the metadata of the e-mail communications documenting that they were spoofed, malicious in nature, and directly targeted at employees in the supply purchasing department. The insured’s controls were reviewed by us, which identified lapses in security. Once corrected, these would mitigate this type of attack. We concluded that there was sufficient evidence to support the presented claim.

  • Insurance / Investigation
  • Oil, Gas & Petrochemicals
  • Cyber Consulting / Forensic Investigation / Fraud
  • Australia
System Taken Offline by a DDoS

A coupon deals comparison website experienced a series of Denial of Service (DDoS) attacks over a series of 3 days resulting in a substantial loss of profit.  Our accounting review showed inconsistencies in the accounting data presented and errors in the claim calculation which resulted in a reduction in the claim.

  • Insurance / Quantification
  • Retail & Consumer
  • Cyber Consulting / Liability / Casualty
Online Retailer Suffers Ransomware

An online retailer suffered a ransomware attack demanding Bitcoin payments which resulted in website access being restricted for 4 days. Our technical review confirmed that the attack had caused the website outage. Our accountants’ evaluation showed that post-restoration make-up in sales had not been taken into account and restoration costs were overstated for betterment. 

  • Insurance / Quantification / Investigation
  • Retail & Consumer
  • Cyber Consulting / Forensic Investigation / Liability / Casualty
Fair Value Assessment

Retailer suffers system degradation

A large US store chain suffered a degradation of its retail system over a number of weeks resulting an inability to sell product and, consequently, a loss of profit. 

BTVK Advisory's Forensic​ Technology department​ reviewed incident logs to confirm that a​ system interruption had been​ sustained and audited the investigation/consulting costs incurred.

BTVK Advisory undertook a detailed​ review of the loss of profits claim.  Given the numerical sensitivity of the high volume of sales, we undertook a statistical analysis of daily sales over separate product lines to understand whether daily losses observed were a direct result of the incident or simply within unrelated bounds of probability.  We prepared a number of scenario-based calculations of the loss of profit which was used by insurers as the basis of final settlement. 

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