U.S. Banks remain under a cyber attack watch as many have experienced website problems over the last week. The FS-ISAC recently raised its threat level to high and stated that U.S. financial institutions remain under watch and are at risk for DDoS attacks and other cyber attacks.
Cyber insurance can help Financial Institutions get back to business after a cyber attack or a data breach. While cyber insurance can’t prevent an attack from happening, it can help a financial institution respond to a cyber attack or a data breach. There are policy conditions, so you will want to make sure you understand upfront what’s required on your part for coverage to apply.
Cyber risk insurance, with data breach response services, offers U.S. Financial Institutions a comprehensive risk management solution for assisting in a cyber attack/and or data breach recovery scenario. It may offer coverages such as (depending on the specific policies and endorsements):
1) crisis management and customer notification expenses,
2) credit/identity theft monitoring,
3) privacy and security liability,
4) privacy regulatory defense and penalties,
5) computer forensics investigation,
6) a “Data Breach Coach” (aka “Privacy” attorney) and
7) pre-breach planning services.
It’s important to note that all cyber insurance policies are not standard policies and vary by insurance carrier.
Please complete the form below to learn how a Cyber Risk Insurance policy can help you get prepared for such events and to request an insurance proposal.
CYBER DATA RISK MANAGERS LLC is an Independent Insurance Agency specializing in Cyber Security and Data Breach response insurance. We offer solutions that help you quickly respond to cyber events and data breaches as well as to plan in advance for their occurrence. Given the ever changing nature of information assurance and compliance, you don’t want to be caught unprepared.
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