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Tech//404® for Financial Institutions Overview
Today, businesses in all industries that aggregate and maintain third party data are targets of information theft and network security breaches. In the financial services industry, where organizations maintain substantial quantities of critical personal information, including credit card and social security numbers, breaches in security can cripple even the most robust of financial institutions. Data loss can strike abruptly, with no warning, and often with ruinous consequences.
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Deloitte’s 2005 global security survey of top financial institutions, global banks, and global insurance companies identified the following as continuing challenges in their businesses:
- 63% of respondents are concerned about the increasing sophistication of threats
- 48% are concerned about the lack of employee awareness and training
- 33% have done nothing to protect themselves from internal wireless communication exposures
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Tech//404® for financial institutions is the first specialty liability insurance product of its kind to address the exposures of technology-dependent financial organizations that are susceptible to network security and data privacy liabilities. In a single policy,Tech//404 for financial institutions specifically addresses the effects of both technology and information risk on the financial industry. Learn more about specific coverage features of Tech//404 for financial institutions.
If a financial institution can answer “yes” to any of the following questions, then they may have technology and information risk for which they need coverage.
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- Can your customers access confidential information via the Internet?
- Do employees use laptops that are susceptible to theft and loss of data?
- Do off-site users have access to restricted information?
- Is your organization aggregating increasing amounts of sensitive client data in your networks? Are those networks centralized, thereby increasing the concentration of risk?
- Is your organization automating information responses (emails for billing, applications, scheduling, etc.)?
- Is your organization offering any information-based services to clients or partners (newsletters, reports, email alerts, advice, tips, calculators, assessments online, etc.)?
- Does your organization provide any online transactions (billing, access to personal data, security trades, transfers, changes of personal information, etc.)?
- Does your organization rely on subcontractors to help implement and maintain information technology systems? Do these subcontractors present data privacy risks to your clients?
- Is your organization’s network susceptible to both third party and employee hackers?
- Is your organization susceptible to regulatory exposures related to data privacy and network security (i.e. GLB)?
Claim Scenarios // Printable Documents // Application
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