Introduction
Financial Services Cyber Insurance
Cyber crime is increasing globally, and this is also true in Hong Kong. With financial companies often presenting the most attractive targets to cyber criminals, it is no wonder that Banks, Brokers, Hedge Funds, and even Accountants are amongst the most targeted cyber-crime institutions on earth.
Cyber crime brings with it more than just internal financial losses, there are also reputational and liability concerns – as is the fear that once you have been a target it is likely that you will be targeted again. With this, it is also important to note that Cyber crime is more than just hacking and malware.
From spear phishing and social engineering, through to ransomware and exposure of private and confidential information, even something as simple as having a company laptop stolen from a taxi can be considered a Cyber event.
Overview
Cyber Insurance Coverage for the Financial Sector
There are no “one size fits-all” cyber insurance solutions, simply due to the fact that every company will have its own unique and specific risks and requirements.
Because of this, Cyber insurance products for finance sector businesses can normally be tailored to meet your specific coverage requirements, against a wide variety and definitions of risk. Types of protection which can be included in Cyber Insurance cover are:
- Costs associated with Crisis Management
- Costs associated with cyber Business Interruption
- Costs associated with ransoms and vandalism recovery
- Costs associated with Privacy Disclosures
But as cyber events are rarely encountered in silos, there are far greater and wider reaching consequences and outcomes for a business which has been the victim of a cyber crime. As such, many cyber insurance products available to finance companies in Hong Kong will included a range of extended liability options which allow you to obtain the greatest possible protection against the widest range of risks.
- Reputational Liability
- Conduit Liability
- Disclosure Liability
- Impaired Access Liability
Cyber insurance can be tailored to meet the specific requirements of your business. Whether you’re worried about customer data being exposed in the wake of a hacking event, or you’re primarily concerned about the integrity of your core networks, a corporate cyber insurance product is the bespoke solution to your exposures.
Additional information can be found by clicking Corporate Cyber Insurance Solutions.
Quotes
Free Finance Cyber Insurance Consultations
If you are a business operating in the Finance industry and you are interested in learning more about bespoke cyber insurance coverage for your company, please Contact Us and speak to an expert corporate insurance broker today.
You can also learn more about our consultation process and team by clicking About Us.
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