FFIEC Update: Statement on Cyber Insurance and Risk Management

FFIEC Update graphicAs cyber attacks increase in volume and sophistication, does your financial institution need cyber insurance to reduce its risk? According to a statement from the Federal Financial Institutions Examination Council (FFIEC), financial institutions are not required to maintain cyber insurance. However, considering that traditional insurance policies might not cover data breaches, your institution might find value in a cyber insurance policy. Bear in mind, though, that insurance doesn't replace an effective risk management program.

For more information, read the FFIEC press release and get our take on how cyber insurance affects business continuity planning.

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