Implications of Cybercrime - Is Your Financial Institution Properly Covered?

Cybercrime is on the rise and has completely disrupted the financial industry. Forbes recently reported that businesses suffer ransomware attacks every 40 seconds. Phishing emails cause two-thirds of ransomware infections, and every year, these attacks generate an estimated $1billion in revenue for cybercriminals. While financial institutions have applied advanced security measures and devoted resources to protect all assets, including customer data, mitigating the risk cannot always eliminate a cyber-attack. One critical piece to a successful cybersecurity strategy is to have a proper insurance policy in place in the event something happens.

Cyber liability insurance coverage protects your financial institution against such cyber incidents. Risks covered can include:

• Cyber extortion
• Identity theft
• Business interruption
• Lost or corrupted data
• Reputation recovery
• Notification expenses

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