Beazley plc has launched new computer crime and account takeover coverages for financial institutions. The 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.
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
This new policy complements Beazley’s fidelity bond coverage tailored to the current exposures of commercial banks with greater than $500 million in assets.