BakerHostetler selected to provide security incident response and preparedness services as part of cyber insurance program for banks
Cyber Coverage Offered As Banking Industry Is Subjected to Greater Scrutiny
Sep. 1, 2015 — ABA Insurance Services (ABAIS) today announced that it will be offering a new cyber insurance product to help banks that are insured through ABAIS prevent, prepare for, and respond to data security incidents. BakerHostetler’s award winning Privacy and Data Protection team is proud to be the premier legal services provider for insureds selecting this coverage through ABAIS.
As part of the coverage, ABAIS’s clients will have 24-hour access to BakerHostetler’s team of incident response attorneys through a dedicated 800-number. Banks that experience an actual or suspected data security incident will receive
a free one-hour consultative post-breach call and preferred rates for additional post-breach data privacy services. ABAIS’s insureds can also choose to engage BakerHostetler for pre-breach services, such as individualized consultation
sessions to develop a privacy incident response plan and strategic review of third-party vendor contracts.
The Ponemon Institute estimates that more than one billion records of personal identifiable information have been stolen worldwide; costing companies $3.79 million, which is an increase of 23 percent in the past two years. Annual reports from security firms that conduct forensic investigations continue to show that financial services is one of the most frequently targeted industries. In addition to an uptick in attacks, banks are facing increasing scrutiny by regulators who examine cybersecurity at all levels of the organization, including internal control structures, disaster planning, third-party management, and C-suite oversight.
“ABA Insurance Services is excited to provide our insureds access to BakerHostetler’s incident response team,” said Lisa Micciche, product manager, ABA Insurance Services. “Banks are a high-value target for hackers, and BakerHostetler’s extensive expertise will help banks mitigate that risk. They offer best-in-class response solutions, and we are confident our insureds will find value in their services.”
BakerHostetler’s Privacy and Data Protection team is an award-winning cross-disciplinary practice led by Partner Ted Kobus consisting of more than 40 attorneys who counsel clients nationally and internationally. The team has helped organizations respond to more than 1,000 potential incidents, and uses that experience to provide proactive counseling designed to reduce the likelihood of incidents and position companies to be better prepared to respond if one does occur. The team is ranked with “considerable praise” in the 2015 edition of Chambers USA and is recognized by Law360 as one of the nation’s best privacy practices. The team maintains an active blog (http://www.dataprivacymonitor.com/) with breaking privacy and data security updates and produces an annual report that provides analysis and insight into incident trends.
One of the nation’s leading law firms, BakerHostetler helps clients around the world to address their most complex and critical business and regulatory issues. With five core national practice groups – business, employment, intellectual property, litigation, and tax – the firm has more than 900 lawyers located in 14 offices coast to coast. Recognized for its role as court-appointed counsel to the Securities Investor Protection Act (SIPA) Trustee in the recovery of billions of dollars in principal lost in the Ponzi scheme perpetrated by Bernard L. Madoff, BakerHostetler is widely regarded as having one of the country’s top 10 tax practices, a nationally recognized litigation practice, data privacy practice, and an industry-leading business practice. For more information, visit www.bakerlaw.com.
About ABA Insurance Services Inc.
ABA Insurance Services Inc. serves the banking industry by offering D&O, bond, property and casualty and related insurance to banks across the country. Endorsed by the American Bankers Association through its subsidiary, Corporation for American Banking, the unique bank-owned and banker-directed program has been a market leader since 1987 and is recognized by insurance and banking professionals as a secure, stable and affordable source of coverage. For more information about ABA Insurance Services, call 800-274-5222, visit www.abais.com or follow @ABAInsSvcs on Twitter.