March 2023

Cybersecurity insurance protects companies from damages or liability resulting from data breaches and malware attacks. For the finance sector, this insurance can be vital, as the amount of money and sensitive personal information they handle is a prime target for cyber criminals.

According to the Federal Financial Institutions Examination Council: “Financial institutions face a variety of risks from cyber incidents. These can include financial, operational, legal, compliance, strategic, and reputation risks resulting from fraud, data loss, or disruption of service. The increasing number and sophistication of cyber incidents affect financial institutions of all sizes, and remediation of cyber incidents can be costly.”

Indeed, the finance sector is second only to healthcare in the overall cost of a data breach. The financial industry saw an increase in the average cost of a data breach from $5.72 million in 2021 to $5.97 million in 2022, according to the Verizon Data Breach Investigations Report.

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