Ironshore's Pembroke Managing Agency Limited has updated its financial institutions crime program to include cyber fraud and cyber extortion.
Pembroke's crime coverage for financial institutions indemnifies a company for direct financial loss resulting from internal and external fraud incidents, Ironshore said in a statement. The updated crime policy protects against employee fraud, documentary fraud by third parties, and robbery, as well as extended coverage for cyber fraud and cyber extortion acts.
Pembroke broadened its crime cover to address risk exposure involving the manipulation of any data of any computer system, including remote hacking scenarios, according to the company. Previously, the policy only addressed loss sustained from direct tampering of the insured's computer system. Coverage also is provided for the cost of responding to a data breach, loss of interest payable or receivable, and legal defense expenses.
“Cybercrime has heightened in frequency and severity, thereby demanding a responsive program that aligns with today's security challenges facing companies worldwide,” stated Chris Brown, the global industry practice leader of financial institutions. ”Financial institutions are particularly vulnerable to cyber attacks, given the volume and sensitive nature of data housed within their vast technological platforms.”
Learn more: www.ironshore.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].