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Tag: Insurance for financial institutions

Cyber Risks in the Finance Industry

Cyber Risks in the Finance Industry

A security breach can be a frightening occurrence. Banks and other financial institutions are particularly attractive targets for cyber threats. Insurance for financial institutions, therefore, should include policies that protect against potential cyber risks. Whether the breach is intentional or unintentional, an invasion of privacy or due to a flaw in technology, it is important to have proper insurance to cover any damages that it causes. Unintentional breaches are often the result of negligence. Failure to safeguard a customer’s financial…

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Cyber Insurance Regulations for Banks

Cyber Insurance Regulations for Banks

The threat to information and financial systems is ever-growing. These threats of cyberattacks from terrorist organizations and criminals has spawned new cyber security regulations for banks and other financial institutions. New York State Department of Financial Services On March 1, 2017, new regulations went into effect. Promulgated by the New York State Department of Financial Services, they are designed to promote the safety and security of customer information and information technology systems of banks. Financial institutions are required to assess…

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