The past year’s cybercrimes should have a few industries worried, and finance and banking should be among them. Even if the number of hacks on major businesses doesn’t raise red flags for financial executives, the severity of the breaches should. It has become clear that breaking into and exposing classified or sensitive data is possible at any moment and for any organization. Indeed, the Ponemon Institute—a research firm dedicated to privacy, data protection, and information security—estimates that more than one billion records of personal identifiable information have been stolen worldwide. Clearly, insurance should be a requirement in the face of this threat.
ABA Insurance Services (ABAIS) has launched a new cyber insurance product to this end that is designed to help banks prevent, prepare for, and respond to data security incidents. ABAIS is working with Baker Hostetler supplying the firm’s Privacy and Data Protection team’s legal services to those companies insured under ABAIS.
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