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Cyber Liability

Cyber Coverage for Bank Assessments: What Merchants Need to Know

Cyber Coverage for Bank Assessments What Merchants Need to KnowCoverage under a cyber liability insurance policy with respect to assessments levied on behalf of a financial institution or payment processing entity varies quite significantly throughout the marketplace. The nuances of the coverage differences will continue to grow as more and more companies begin to recognize the exposure inherent in electronic payment processing.

Monetary fines are levied by the card brands against merchants as a result of non-compliance with the payment card industry data security standards (PCI-DSS) which are set by the payment card industry security standards council (PCI SSC). A very important distinction lies within the definition of fines, costs or expenses as respects common cyber policy language. “Fines” are often merely reserved for costs levied directly against an insured for the breach of PCI standards set by the PCI SSC. The fines, which are punitive in nature, result from failing to comply with the standards. On the other hand, “assessments” are costs specifically associated with liabilities arising out of a Merchant Service Agreement (MSA). The card brands are looking to recoup expenses that resulted from a security breach by the merchant. Assessments can be costs resulting from a breach of the card brand rules, costs passed along to the merchant through the withholding of funds by a merchant bank, card reissuance expenses, fraud losses and a number of other liabilities arising out of obligations under an MSA.
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Travelers’ Cyber Risk Pressure Test

Risk_ControlPut your data and network security to the test.

What if your business was the victim of one of the 41,000 known computer security incidents per day in the U.S.?* In addition to knowledge about cyber insurance coverage options, you’re likely to be looking d for helpful, cost-effective cyber risk management resources.

When it comes to cyber risk, there is a lot at stake: data, reputation and a company’s bottom line. And every business, no matter the size or industry, is at risk of becoming a victim of an accidental or malicious compromise. This brief interactive quiz, which is mobile enabled, is designed to assist you, the business owner, to quickly evaluate and identity pressure points in your cyber risk management strategy.

Managing cyber risk is not a one-and-done process. Over time, your business may grow and change. Your data may represent new categories of information. Your technology hardware and software may be updated or replaced. Your workforce — both the people who use your data and the team responsible for protecting it — may change. And as technology itself evolves, so do the risks associated with it. Complacency can leave your data, your customers, your bottom line and your reputation vulnerable. Failure to address the risk often results in lost revenue, potential liability and high recovery costs. Implementing, maintaining and enforcing procedural and technological controls to protect your critical data and systems are key to the success of your cyber security strategy.

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Cyber Liability Insurance Coverage for Financial Institutions

A significant number of financial institutions have been victimized in recent months and years. Among those publicly acknowledging breaches were J.P. Morgan Chase, Bank of America, Citigroup, Sovereign Bank and Royal Bank of Scotland (RBS).  Numerous smaller institutions have also been targeted by hackers and phishers.

Recent Breaches at Financial Institutions

Total Bank (Miami, FL)
In July 2014, the bank notified 72,500 customers that their account information was potentially exposed after an unauthorized third party gained access to the bank’s computer network. Information obtained by this unauthorized third party included names, addresses, account numbers, account balances, Social Security numbers and driver’s license numbers.  The bank is offering 12 months free of credit monitoring services for those that were affected.Read More »Cyber Liability Insurance Coverage for Financial Institutions

Museums and Cultural Institutions: Unique exposures

Goudi Building Museum

Your priceless collections and exhibits are what pull visitors through your doors. But keeping those visitors safe – as well as your employees, volunteers, building and reputation – is what keeps those doors open. Travelers has years of experience working with museums and cultural institutions. We understand your industry. We can help you with your insurance needs – from protecting your fine art collections, to covering your property risks to providing general liability coverage to workers compensation.

Fine art expertise

We offer Museums and Cultural Institutions customized product and service offerings. Our Inland Marine division is a Fine Art market leader that provides flexible solutions for your unique needs:

  • Local underwriting presence with fine art expertise
  • Broad, worldwide coverage at current market value
  • Coverage for exhibitions, loans and items while in transit
  • High capacity for high-value collections
  • On-site risk control consultations to help enhance facility and collection management
  • Dedicated fine art claim team committed to proper claim handling for unique valuable objects
  • Access to our Special Investigations Group who focuses on theft prevention and recovery of stolen property
One company for property exposures

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Is Your Child Increasing Your ID Theft Risk?

child safety, id protection, identity theft protection, online safetyWe’ve talked a lot about protecting your kids from identity theft. Have you ever considered the impact your kids might have on YOUR credit score? Children and teens use the internet a lot and if they aren’t careful they could potentially expose people in your house to identity theft. Teach your kids how to stay safe online. This important lesson won’t just protect them, but will protect your identity as well.

To keep your identity safe and teach your kids good online behavior, make sure they understand these essential internet safety rules:Read More »Is Your Child Increasing Your ID Theft Risk?

Top 10 Corporate Risks in 2014

corporate risksBusiness interruption (BI) and supply chain, natural catastrophes and fire/explosion top the list of company risks in 2014, according to the 3rd Annual Allianz Risk Barometer, which surveyed over 400 corporate insurance experts from 33 countries.

The survey highlights the increasing complexity of business risks, including a combination of new technological, economic and regulatory related risks, potentially creating a systemic threat for businesses and suggests that companies can respond to these growing challenges through stronger internal controls, combined with a holistic approach to risk management.

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Protect your personal information from online risks

Going online has become part of everyday life – whether for shopping, sending emails or paying bills, or managing accounts. However, many worry that technology-related issues, including unsolicited emails and unsecured websites, can affect information stored online. The 2013 Travelers Consumer Risk Index shows that 41% of Americans worry about computer and technology issues. These were ranked second among the top five risks causing the most concern. Taking precautions when browsing the Web can help reduce your risk of a cyber attack. Read these tips to learn how to help stay safe online.Read More »Protect your personal information from online risks

Preparing your business for potential holiday hazards

prepare businessMenorahs and Christmas trees light up Main Streets across America during the holidays, but there are risks associated with these decorations. Risk management professionals and insurance agents can help business owners understand how to keep their stores festive yet hazard free during the holidays.

The holidays usually bring several things to a small business – more foot traffic, celebratory decorations and additional staff to help with boosted sales.  However, with added customers and distractions, slips and trips are never far away. So when getting into the holiday spirit, you should make safety a priority.Read More »Preparing your business for potential holiday hazards

Cyber Awareness Month

In today’s interconnected, digital world, cyber threats continue to grow and represent a serious challenge to organizations of all sizes. National Cyber Security Awareness Month is a timely and powerful opportunity learn more about this critical topic. Whether a small business, municipality, technology company or a large publicly traded corporation, if an organization uses technology, it is at risk of a data breach or cyber attack.

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