Today’s banking industry is faced with numerous risks and exposures that are not covered by the FDIC. The Federal Deposit Insurance Corporation was established to guarantee depositors of the safety of their funds and it works to protect consumer deposit products, like savings or checking accounts and certificates of deposit. However, this isn’t protection from things like cybercrime, theft, fraud, or other liabilities common in the financial sector. It is the institution’s responsibility to secure insurance banking products will be covered by.
As the professionals at Financial Guaranty Insurance Brokers, Inc. advise, a comprehensive approach to financial insurance addresses needs like:
Errors and Omissions
Directors and Officers Liability
Employment Practices Liability
Cyber theft/Crime Liability
Data breaches are becoming more prevalent in news stories across multiple industries, but it is extremely damaging to those in the financial sector. Threats of data sabotage and the manipulation of financial records or stock market information are among the latest attacks being made against banking institutions.
By carrying comprehensive insurance that includes cyber-attacks, you can protect your company from a growing threat and total financial loss. The loss of personal information is devastating for your clients, and the havoc that it can wreak on their lives creates distrust in your company name and services. Keeping a strong defense system against cybercrime is just as important as the insurance you choose to carry.