Independent Banker - July 2019 - 22

PORTFOLIO
Why banks need dedicated
cyber insurance
Security
Some banks have relied on their existing
insurance policies to protect them from
today's security threats. But as the amount of consumer
and employee data that community banks amass
grows, financial institutions should consider dedicated
cyber policies to help them withstand a data breach or
hack. By Katie Kuehner-Hebert
hen a bank suffers a cyberattack and both customer
data and money are stolen, multiple types of insurance
can kick in. However, the jury is still out on the amount of
financial losses that can be covered, or, in cases like theft
from social engineering, if the loss can be covered at all.
Cyber insurance is intended to cover the cost of incurring
22 Q ICBA Independent Banker Q July 2019
W
liability from the theft of customer and/or employee data.
Policies typically pay banks to investigate breaches and
notify people if their information was exposed or stolen, and
many policies will also cover the bank's defense costs of any
legal actions that stem from that.
On the other hand, crime insurance, in the form of a financial
institutions bond, typically covers loss of funds from
cyberattacks, though there are disputes about exactly how
much, if any, this should be depending on the type of fraud.
Take the case of The National Bank of Blacksburg v.
Everest National Insurance Co. The $1.2 billion-asset bank
in Blacksburg, Va., suffered nearly $2.5 million in losses
when fraudsters obtained customer information by hacking
into its computer system on two separate occasions.

Independent Banker - July 2019

Table of Contents for the Digital Edition of Independent Banker - July 2019

Table of Contents
Independent Banker - July 2019 - Intro
Independent Banker - July 2019 - Cover1
Independent Banker - July 2019 - Cover2
Independent Banker - July 2019 - Table of Contents
Independent Banker - July 2019 - 2
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Independent Banker - July 2019 - Cover3
Independent Banker - July 2019 - Cover4
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