BANKING and FINANCE

 

cyber insurance for banking and financial institutions

 

It’s no surprise that banks and financial institutions are the number one target for hackers- the statistics are staggering. But did you know that something as simple as giving access to unauthorized personnel is considered a data breach and therefore requires your company follow proper breach notification protocol? Even the most sophisticated of banks with layers of security are vulnerable to security and privacy breaches, and with an average cost of $200 per record for notification and remediation expenses having a way to mitigate these losses is paramount.

 

COVERAGE INCLUDES

SYSTEM DAMAGE + BUSINESS INTERRUPTION

 

BREACH NOTIFICATION  

 

 CYBER + PRIVACY LIABILITY

 

MEDIA LIABILITY

 

 REGULATORY PRIVACY ACTIONS

 

 CYBER EXTORTION

 

 COURT ATTENDANCE COSTS

 

 CRISIS COMMUNICATION COSTS 

what is “spear phishing”?

Chances are your employees are aware of the hacking phenomenon called “phishing”, however there is a new type of phishing email that is designed to infiltrate systems once it is opened. Recently, a hedge fund was attacked by a “spear phishing” email- a seemingly innocuous message that, when opened, inserted the malware onto the hedge fund’s servers. The spear phishing emails appeared as if they were about the capital markets industry, in order to make it more likely that the hedge fund employees would click on them.  Upon gaining access, the hackers modified the firm’s trading algorithm, costing the high-frequency trading fund millions.

 

read more on CNBC

 

 

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