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Cyber Insurance

Cyber Liability Insurance

Cyber Insurance protects financial institutions against losses arising from a privacy or network security breach, system failure, lost data, extortion threat, and liability and defense costs that arise from these risks.  BBVA Insurance’s cyber insurance program also covers expert services to mitigate a cyber incident, lost business income, and coverage for regulatory fines and penalties.  Reputational damage can further exacerbate a cyber incident.  BBVA Insurance’s policy covers lost reputational business income after an incident.  Purchasing a cyber insurance policy is increasingly important as cyber risks continue to evolve.

  • Access to incident response services
  • New coverage endorsements
  • Simple 1-page indication application
  • Quick turnaround
What is Cyber Insurance

key features

  • Access to incident response services
  • New coverage endorsements
  • Simple 1-page indication application
  • Quick turnaround
What is Cyber Insurance

Applies to

  • Financial institutions: mortgage servicers, community banks, credit unions, etc.
  • Fintech companies
  • MSR buyers and sellers

Coverage

Incident Response

Covers crisis management expenses, forensic expenses to determine the scope, cause, or extent of an incident, and privacy breach expenses including legal expenses, customer notification expenses, and customer support/call center expenses.

 

Network Interruption and Loss of Income

Covers restoration expense, loss of business income, and business continuity expense, as a result of direct network interruption or contingent network interruption. Covers hardware and software replacement, and reputational damage.

 

Cyber-Extortion and Ransom

Covers any credible threat by a third party to release or destroy information, release a computer virus, or restrict access to your system. Terms of this coverage must be kept confidential.

 

Regulatory Fine and Penalties

Covers attorney fees to defend, investigate, or appeal a regulatory action, and fines and penalties imposed by a regulatory body as a result of a privacy breach. Covers fines and penalties for non-compliance with the Payment Card Industry Data Security Standard, and defense of any PCI action.

 

Privacy and Network Security Liability

Coverage for damages and claims expenses when legally liable as a result of a privacy and network security event.

 

Multimedia Liability

Coverage for damages and claims expenses when legally liable as a result of the release of multimedia content that results in a multimedia wrongful act including libel, slander, plagiarism, or infringement of copyright.

 

Defense

Covers defense and settlement of claims made as a result of a privacy and network security event, network interruption, or cyber-extortion and ransom event.

Incident Response Services

  • Crisis management expenses
  • Forensic expenses to determine the scope, cause, or extent of an incident
  • Privacy breach expenses including legal expenses, customer notification expenses, and customer support/call center expenses.

Requirements

  • Completed Cyber Insurance Indication application

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Learn More

Talk to our Cyber Insurance experts for more information about Cyber Insurance products.

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WHITE PAPER: Cyber Risks Continue to Evolve for Financial Institutions

The current COVID-19 pandemic & remote workforce demonstrate this swiftly evolving cyber concerns for financial institutions like banks, credit unions, and servicers. Read white paper.

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