Get Customized, Sector-Focused Solutions With FGIB

The cost of cyber attack could be devastating without the right coverage in place.

FGIB:First-Party Cyber Liability Insurance to Step In When a Breach Occurs

The scope and amount of Cyber Liability insurance coverage you carry should be commensurate with the level of risk involved with your operations and the type of activities to be provided. In addition, it’s important to understand that not all Cyber insurance products are the same – the breadth of coverage can vary drastically among the products offered by insurance carriers. That’s why it’s important to partner with a broker that understands the banking industry and is experienced in placing tailored Cyber insurance coverage. That partner is Financial Guaranty Insurance Brokers (FGIB).

Your Cyber Insurance

Cyber Liability insurance is available to help stem the financial and reputational impact a data breach or other type of attack would have on a financial institution or any type of other business. In fact, the biggest financial consequence to organizations that experienced a data breach is lost business. Following a breach, enterprises need to take steps to retain customers’ trust to reduce the long-term financial impact. Moreover, most data breaches continue to be caused by criminal and malicious attacks. These breaches also take the most time to detect and contain. As a result, they have the highest cost per record.

A comprehensive Cyber policy can be designed to include coverage for both first- and third-party losses. First-party coverage can help cover the costs to:

Recoup lost data and records management
Notify those affected by breach
Provide identity theft protection
Offer credit monitoring
Manage brand damage
Update systems
Find and fix vulnerabilities
Business interruption expenses due to the breach

Cyber insurance policies can be complex, so going over the details, including any exclusions that exist, is vital to understanding the coverage you’re purchasing. The professionals at FGIB will review with you any potential gray areas as well as required procedures and controls to protect your data or any other role you may have in preventing or limiting a cyber attack that may exist in your insurance policy.

WHAT OUR CLIENTS ARE SAYING

“I have had a long time relationship with FGIB. Throughout the years they have been straightforward and attentive to our organization’s needs. They have always been available to answer questions and give presentations to both executive management team as well as the BOD. Everyone is friendly with a vast amount of bank insurance knowledge.”

Chuck Lanzrath, CFO

Layton State Bank

“Financial Guaranty Insurance Brokers have been our provider for insurance policies since the Bank’s inception. I have personally dealt with Joe Scully and Manny Kim for many years and they are excellent to work with. They are always available to assist us with any needs or concerns we may have in dealing with the insurance companies. I would definitely recommend FGIB.”

Toni Umphreyville, Chief Financial Officer

Community Valley Bank

Providing Solutions that Align with Your Business Needs

Our vast network of contacts, through industry organizations, long-established relationships and years of service to the financial industry and beyond, enables FGIB to sort through the complexity of choices to recognize the right fit for your organization. We know your industry and understand how to secure the appropriate insurance solutions. We are licensed in the majority of states and are ready to serve you. Give us a call at 626.793.3330.