The Grandpoint Bank of Los Angeles is breaking new ground in the world of cyber insurance. Thanks to policy underwriter Hiscox Inc. Grandpoint bank will now offer cyber insurance policies to its customers in Los Angeles, Arizona and Washington. The bank promises to reimburse customers who fall victim to funds transfer fraud as well as cyber deception scams.
Customers who buy this insurance can expect coverage ranging from $100,000 to $1,000,000 for funds transfer fraud at a premiums ranging from $30 to $60 a month with a $2,500 deductible. On top of this the customer will also receive $50,000 of cyber deception coverage which can be increased to $100,000 for an additional $10 a month.
All businesses should have some form of cyber insurance to help them mitigate the ever increasing risk of falling victim to a cyber-attack or scam. According to the FBI, businesses have lost an estimated $2.3 billion to email compromise scams since October of 2013.