ABA Insurance Services, ABA’s endorsed insurance provider, yesterday announced a new cyber liability and privacy insurance policy to help banks protect themselves against data breaches and related threats.
Named Cyber Cover, the policy offers three core insuring agreements and six optional coverage components, with each piece designed to protect against a critical cyber or privacy exposure. The core policy includes coverage for liability associated with data breaches, system security breaches and cyber publishing. Options are available to add coverage for electronic funds transfer liability and regulatory defense, as well as first party coverage for breach response expenses, public relations expenses, business interruption and cyber extortion.
Cyber Cover policy holders will have access to a password protected web portal that contains bank-specific loss control information and actionable post-breach incident response content. Resources will also include a toll-free, 24-hour breach hotline for insureds to seek guidance in the event of an actual or suspected breach.
“Bringing cyber protection solutions to our members is one of ABA’s highest priorities,” said Christine Walika, executive vice president of ABA’s Community Bank Group and Corporation for American Banking. “Cyber Cover is an outstanding enhancement to ABA Insurance Services’ innovative range of offerings and addresses one of the industry’s greatest needs.”