Multi-Factor Authentication Hardline By Insurers

At your bank's next renewal you will be asked if you require multi-factor authentication when your people are accessing the bank's computer system. If you say no you might not be offered a renewal. Travelers started taking this stance a few months ago.  Other insurers are now following along. Some insurers will offer you a grace period.  Some … [Read more...]

Cyber Risk – Ransomware – Cyber Extortion

Almost every call I get from my bank clients involves cyber insurance. We talk about how the bond responds, how cyber liability insurance responds and how property insurance responds. We talk about the move of coverage for ransomware attacks from the bond to cyber liability. We talk about trends in the coverage and what I see happening in the … [Read more...]

Nobody Ever Got Fired For Buying Too Much Insurance

I'm finally finished with my July renewals.  I am beaten and bloody but we, in general, came out on top.  Ugg! I had several instances where bankers were buying more insurance than I thought necessary based on the size, structure, and financial strength of the bank. I almost always get pushback on a recommendation to reduce coverage (or to drop … [Read more...]

Bank Insurance Mistake – Cyber Insurance – Inadequate Privacy Mitigation Coverage

Obviously, I want my bank clients to have cyber liability insurance. (Some banks still don’t have the coverage!) However, it’s the second part of the cyber policy that I'm most concerned with. If you have a data breach, you’ll have to notify your bank's customers. Expenses in mitigating a privacy event can reach $100 to $200 per breached name. … [Read more...]

Cyber Insurance For Bankers Webinar Video

Here is the replay of my recent webinar on cyber insurance for bankers. … [Read more...]

Watch My Cyber Insurance For Bankers Webinar

You can view the recording of my May 12th webinar on Bank Cyber Insurance by going HERE. I cover cyber liability, funds transfer fraud, debit card losses, computer equipment coverage, and other related cyber insurance issues. … [Read more...]

Data Breach / Privacy Breach Planning

Your IT people have a plan to manage a data breach.  Contact the person who manages that plan; the person who will lead the team in the event of a breach. Ask how your cyber insurance company is involved in the plan. Many insurers have resources that MUST be utilized at the onset of breach remediation to protect your insurance coverage. Your IT … [Read more...]

Is Your Bank Covered For Cyber Fraud?

My latest article for Banking Exchange...  E-Banking insurance issues are by far the most common question-topic I get from bankers.  Cyber liability insurance, cyber crime, e-hacking, etc. The arms race that is computer security goes on and on. As your fraud prevention systems get better, the bad guys get better at being bad. Your insurance must … [Read more...]