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. The updated crime policy protects against employee fraud, documentary fraud by third parties, 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. Previously, the policy only addressed loss sustained from direct tampering of the insured’s computer system. Coverage is also 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, Global Industry Practice Leader, Financial Institutions. “Financial institutions are particularly vulnerable to cyber attacks given the volume and sensitive nature of data housed within their vast technological platforms.”
Ironshore’s Financial Institutions Industry Practice Group provides specialist and comprehensive insurance solutions for all sectors of the financial institutions industry including banks, asset or fund managers, investment funds/vehicles, private equity or venture capital firms, financial exchanges and insurance companies.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.
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