Cybersecurity is always on the minds of financial institutions and lenders. They’re responsible for protecting the personal data of thousands of borrowers. Recently, financial institutions in the midwest alerted a security firm about a possible credit card breach involving the Ohio-based restaurant chain Wendy’s. Wendy’s has hired a cybersecurity firm and is conducting an investigation.
Every day, it seems hackers find new and more sophisticated ways to steal data such as social security and credit card numbers. Estimates vary, but the average cost of a breach ranges anywhere from 300K to 5M. The market is very dynamic with coverages that vary from insurer to insurer.
At Lenders Risk, we have developed unique partnerships with a variety of carriers that gives us access to the best Network Security and Privacy Insurance solutions available within the United States. Understanding that each financial institution has different needs, we have the ability to tailor your policy and its limits to minimize your cyber exposure/risk.
We offer a variety of 1st and 3rd party coverages including:
Privacy & Internet Media: Provides coverage for an insured’s failure to protect private or confidential information and associated legal liability.
Network Interruption & Recovery: Covers physical damage to, or loss of use of, computer-related assets, including the costs of retrieving and restoring data, hardware, software or other information destroyed or damaged as the result of a cyber attack.
Breach Event Support Expenses: Provides coverage for the cost of averting or mitigating public relations damage following a network event, including notification, and the offering of a credit monitoring services.
Network Extortion Threat: Provides coverage to pay for an extortion threat against the insured’s network.
Electronic Theft and Computer Fraud: Provides coverage for loss of an insured’s money or assets arising from sabotage or theft.
Risk Management Services: Access to web portal that provides links to risk management tools and resources to help to understand the risk and how to respond in the event of a breach. Learn more about our Cybersecurity Insurance by calling: 888-600-4436.