Cyber liability insurance has been around for over a decade. As major security breaches continue to happen, banks need to take a hard look at their coverage. Financial institutions hold vast amounts of data regarding their customers and it is crucial to prop up the necessary safeguards against data breaches. Here are five questions banks need to consider about cyber liability financial institution Insurance.
1. What Losses Are Covered?
Exposure does not end at the risk of losing personally identifiable information of customers. Robust coverage includes loss of corporate information. Many banks provide lending or other services to corporate customers. The private information of commercial customers deserves to be protected.
2. What Post-Claim Services Do You Have?
While handling claims is surely a primary concern, some institutions need additional extensions of coverage. One prime example is the coverage of legal expenses regarding breach notifications. Meaningful loss mitigation and risk management services can help beef up your protections.
Protecting the private information of both your company and your customers is crucial as hackers develop new tools for more data breaches. Adopting a tailor-made financial institution insurance policy to target your unique exposures is the best thing one can do to implement practical safeguards. Get comprehensive liability insurance and any other coverage you need.