Technology can be a wonderful tool in the right hands. Unfortunately, fraudsters and crooks can also obtain useful technology. When they do, they may go after other people’s personal and financial information and cause a great deal of harm. That’s why financial institutions insurance is an excellent choice to protect your customers and your company in the event of a breach.
As a financial institution, the data you store can be as valuable to criminals as the bills you have in the register. Cyber crooks go after employees with fraudulent emails meant to mimic legitimate communications. These attacks are called phishing, and can lead to compromised information or malware downloaded when the receiver clicks a link. If an employee falls for one of these ploys, insurance covering cyber and network security risks can help cover resulting losses.
On the other end of the spectrum, you might find that the biggest threat to security is internal. Crimes committed or facilitated against the company by employees can lead to immense loss for the company and customers alike. Fortunately, crime liability insurance is available to soften the blow.
You do all you can as a financial institution to protect your data, but sometimes it’s not enough. When the worst happens, having financial institutions insurance can help you recover.