ABA Insurance Services recently introduced a new Cyber insurance program with three key features:
- Cyber Cover, a cyber liability and privacy insurance policy (currently approved in 38 states);1
- Cyber Care, an open and free forum available to everyone and
- Cyber844, a login accessible portal for insureds who have either Cyber Cover or Internet Banking Liability.
Cyber Cover: A policy for today’s evolving exposures
Cyber Cover offers three core insuring agreements and six optional coverage components, each designed to protect against a critical cyber or privacy exposure.
The Core Policy includes liability coverage for cyber publishing and data and system security breaches. Available coverage options can be added for electronic funds transfer liability, regulatory defense, first party coverage for breach response expenses, PR expenses, business interruption and cyber extortion.
Cyber Care: Information center for all things cyber and gateway to Cyber844
Cyber Care is a one-stop shop for information related to the cyber world and banking industry, including links to current/trending news and articles, industry resources and loss control materials. It is updated on a weekly basis with current news events. You can also access coverage summaries, applications and specimen policy forms for Cyber Cover and Internet Banking Liability.
Cyber844 is a more in-depth breach and loss control resource available only to Cyber Cover or Internet Banking Liability policy holders including access to:
- A log-in web portal containing bank-specific loss control information and actionable post-breach incident response content. A special feature of the site is “Ask Pete,” a Q&A column where ABA Insurance Services’ senior attorney and cyber insurance expert, Pete Hilbert, answers new topical questions each month. For example, this month’s question is “In a funds transfer request, what is authentication?” Cyber Cover or IBL insureds and agents can log in Cyber844 for Pete’s response. We invite you to send Pete a question2 at email@example.com.
- A dedicated toll-free, 24/7 breach hotline, managed by BakerHostetler, in the event of an actual or suspected breach. Insured banks receive a free one-hour consultative post-breach call and preferred rates for additional post-breach data privacy services from BakerHostetler. We’re very excited that we are able offer insured banks access to BakerHostetler’s incident response team. Learn more about BakerHostetler.
- Cyber844 Alert, a bi-monthly bulletin emailed only to Cyber Cover or IBL insureds starting October 2015 and focusing on the latest cyber security news, trends and updates on topics such as breaches, ATM skimming, malware, and account takeover to name a few.
We encourage Cyber Cover/IBL insureds to use these valuable loss control resources which are available at no additional cost.
1 In states pending approval, our Internet Banking Liability policy remains in effect.
2 We will not respond to questions regarding specific claims in this general forum. If you have a question regarding a specific claim or loss situation, please contact your underwriter at ABA Insurance Services. “Ask Pete” is provided for informational purposes only and is not intended to provide legal advice. Not all questions submitted to “Ask Pete” will be answered.