ABA Insurance Services has launched a new cyber liability and privacy insurance policy with the purpose of helping banks “protect themselves against data breaches and related threats.”
According to ABA, the new product, Cyber Cover, “offers three core insuring agreements and six optional coverage components, with each piece designed to protect against a critical cyber or privacy exposure.” Included in the core policy is liability coverage tied to data breaches, system security breaches and cyber publishing. Additional options can be added to cover “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.”
According to Christine Walika, executive vice president of ABA’s Community Bank Group and Corporation for American Banking, “bringing cyber protection solutions to our members is one of ABA’s highest priorities. Cyber Cover is an outstanding enhancement to ABA Insurance Services’ innovative range of offerings and addresses one of the industry’s greatest needs.”