522110

Commercial Banking

Cyber Liability Insurance for NAICS 522110

CYB

Ranked reasons a business in NAICS 522110, Commercial Banking, needs Cyber Liability coverage. Each reason is specific to how this industry actually loses money, and ends with the question to ask before the objection comes up.

  1. 01

    Payment fraud moves money that does not come back.

    • Wire and payment instructions arrive and are executed continuously.
    • Business email compromise targets both you and your customers.
    • Wires clear within minutes and recovery is rarely possible.
    ASK
    How are wire instructions verified before funds are released?
  2. 02

    Federal regulators require incident notification within 36 hours.

    • Banking regulators require notification of significant computer security incidents.
    • Examinations assess information security programmes directly.
    • Findings affect ratings and can restrict activities.
    ASK
    What incident notification obligations apply to your institution?
  3. 03

    Customer financial data is the deepest file anyone holds.

    • Account, transaction, and identity data covers every customer relationship.
    • That data supports identity theft and account takeover completely.
    • Every affected customer must be notified.
    ASK
    How many customer records with account and identity data do you hold?

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