Cyber

Financial Markets More Vulnerable to Cyber Attacks

05.29.2019

According to a new report from SWIFT and BAE Systems, financial markets are becoming more and more vulnerable to cyber attack and data breaches. With so many participants and points of entry, the report states that the threat of a cyber attack continues to grow.

Complex interactions within financial markets can cause traders, brokers, and investors to unknowingly open transaction exposure to cyber attack and data breach. The report states that the financial system is particularly vulnerable in the securities, foreign exchange, trading, and banking segments of the industry.

The report recommends communication between transaction participants to ward off cyber attacks while working with market systems to identify and alter risky practices in the industry. Click here to learn more about the SWIFT and BAE Systems report.

But what if your best practices can’t ward off the increasing danger of a cyber attack? How can you make sure you and your business are covered?

The only way to fully protect against a potential cyber attack’s data breach is to purchase cyber liability insurance from Colonial Surety Company.

So where can you easily purchase cyber liability insurance?

Colonial Surety offers an included cyber liability insurance endorsement for our ERISA fidelity bond packages with fiduciary liability insurance to best protect your plan against a cyber attack.

Colonial’s cyber insurance provides a services-based solution to help plan sponsors manage data breaches successfully. These services include a dedicated team of cyber breach professionals who assist plan sponsors at every stage of incident investigation and breach response. These professionals coordinate the carefully vetted forensics experts and specialized lawyers to help plan sponsors establish what’s been compromised; assess plan sponsor responsibility; and, notify those individuals affected. In addition, these services will also coordinate credit or identity monitoring, and PR advice to help the plan sponsor safeguard its reputation. Of course, Colonial’s cyber insurance also indemnifies and defends plan sponsors from covered lawsuits or regulatory actions, the risk of which may be reduced by a well-coordinated breach response, but can never be completely eliminated.