The financial sector is a fast-paced industry with trades, exchanges, deposits, investments and federal regulations always keeping a company busy. While the digital age has improved connectivity and created a more streamlined ability to do banking business, it has opened the door new risks and exposures previously unconsidered. Having bankers insurance is one to protect both your company’s and client’s assets in the face of these new threats.
Cyber Insurance Coverage
As a bank or financial institution, your general insurance policy will leave gaps when it comes to dealing with cyber threats. At the very least, it will have little effect in areas that involve:
- Web-based attacks
- Stolen devices
- Social engineering attacks
Adding cyber coverage to your banking insurance policy can do two important things for your company.
It will give your company a cyber-security check-up. Most companies will require an assessment of the security systems in place to combat cyber threats. An overview of your protections will expose holes and identify areas of improvement.
It will provide financial assistance if an attack occurs. An insurance policy may assist with the costs of paying for regulatory fines, court costs or legal defense, customer credit freezes and even ransom payments.
Your bankers insurance policy should include limits that address the specific exposures your operations face. Look into bundling your current policy with cyber protection for total coverage.