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.
SYSTEM DAMAGE + BUSINESS INTERRUPTION BREACH NOTIFICATION CYBER + PRIVACY LIABILITY MEDIA LIABILITY REGULATORY PRIVACY ACTIONS CYBER EXTORTION COURT ATTENDANCE COSTS CRISIS COMMUNICATION COSTS
SYSTEM DAMAGE + BUSINESS INTERRUPTION
CYBER + PRIVACY LIABILITY
REGULATORY PRIVACY ACTIONS
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.
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