The days of keeping all your bank funds in a vault with a trusty guard dog outside are long gone. With the growing prominence of FinTech for money transactions, making sure your financial institution is insured for the 21st century is crucial. For adequate protection of assets and funds, insurance for banks should cover these key problem areas.
1. Software and Hardware Flaws
No computer program is perfect. Errors in code can cause massive data losses. Insurance can cover these losses and pay for data recovery, business interruption, and third-party notification.
2. Unintentional Breeches
A vendor, agent, or employee might accidentally invade the privacy of a client without their permission. Bloggers or webmasters may use your trademarked or copyrighted material. Insurance can provide funds for legal fees for trials as well as pay clients’ claims for damages.
3. Cyber Attacks
This is perhaps the most frightening scenario for a financial institution. Malicious hacks that interrupt service, steal data or funds, or threaten harm are escalating. Insurance for banks can pay for forensic investigations, publicity efforts, and in some cases, ransom demands.
The future of banking is already here. Make sure you’re ready for it with a banking insurance portfolio that is customized to your needs.