ABA Insurance Services (ABAIS) launched a new cyber insurance product for banks that are insured through ABAIS to help them prevent, prepare for, and respond to data security incidents. BakerHostetler’s privacy and data protection team will provide legal services for insureds selecting this coverage through ABAIS.
As part of the coverage, ABAIS’s clients will have 24-hour access to BakerHostetler’s team of incident response attorneys through an 800-number. Banks that experience an actual or suspected data security incident will receive a free one-hour consultative post-breach call and preferred rates for additional post-breach data privacy services. ABAIS’s insureds can also choose to engage BakerHostetler for pre-breach services, such as individualized consultation sessions to develop a privacy incident response plan and strategic review of third-party vendor contracts.
BakerHostetler’s privacy and data protection team is a cross-disciplinary practice led by Partner Ted Kobus and consists of more than 40 attorneys who counsel clients nationally and internationally. The team has helped organizations respond to more than 1,000 potential incidents and provides proactive counseling designed to reduce the likelihood of incidents and position companies to be better prepared to respond if one does occur.
ABA Insurance Services Inc. serves the banking industry by offering D&O, bond, property and casualty and related insurance to banks across the country. The bank-owned and banker-directed program is endorsed by the American Bankers Association through its subsidiary, Corporation for American Banking.