Beazley plc, a leading insurer of data privacy, network security, and fidelity risks, has launched the industry's most advanced computer crime and account takeover coverages for financial institutions.
Beazley's enhanced Computer Crime policy is designed for the continually evolving services and applications that financial institutions are offering their clients. It also addresses the constantly changing threats from criminals and cyber-terrorists and reimburses clients for risk mitigation services to minimize business disruption after a loss. In conjunction with the new Computer Crime policy, Beazley is also launching account takeover coverage to address the growing risk of credential theft from retail and commercial banking customers.
"Our new policies fill a growing gap in financial institution insurance policies," said Bill Jennings, underwriter for Beazley's fidelity bond and crime insurance products.
"Computer crime is a crucial coverage given the risks posed by today's sophisticated cyber criminals. Beazley's new offering provides a more comprehensive approach to emerging forms of e-theft, while also offering the legal and forensics services clients need to respond to an attack," Mr. Jennings said.
The offering includes:
- A standard fidelity bond, using proven industry-standard wordings
- An enhanced Computer Crime policy, updated to reflect today's technology, but with the flexibility to address future banking challenges
- Computer fraud expense reimbursement, to help organizations recover from an electronic attack
- Account takeover coverage for theft of funds arising out of credential theft
"The timing of our new offering for financial institutions is important, given the growing peril of international cyber attacks and recent court decisions that may make it easier for businesses to sue their banks to recover funds stolen by cyber thieves," added Mr. Jennings.
This new policy complements Beazley's fidelity bond coverage tailored to the current exposures of commercial banks with greater than $500 million in assets.