ABA Insurance Services said it will be offering a new cyber insurance product to help banks insured through ABAIS prevent, prepare for, and respond to data security incidents.
BakerHostetler’s privacy and data protection team is proud to be the premier legal services provider for insureds selecting this coverage through ABAIS.
As part of the coverage, ABAIS’s clients will have 24-hour access to BakerHostetler’s team of incident response attorneys through a dedicated 800-number. Banks that experience an actual or suspected data security incident will receive a free one-hour consultative post-breach call and preferred rates for additional post-breach data privacy services. ABAIS’s insureds can also choose to engage BakerHostetler for pre-breach services, such as individualized consultation sessions to develop a privacy incident response plan and strategic review of third-party vendor contracts.
Annual reports from security firms that conduct forensic investigations continue to show that financial services is one of the most frequently targeted industries. In addition to an uptick in attacks, banks are facing increasing scrutiny by regulators who examine cybersecurity at all levels of the organization, including internal control structures, disaster planning, third-party management, and C-suite oversight.
“Banks are a high-value target for hackers, and BakerHostetler’s extensive expertise will help banks mitigate that risk,” said Lisa Micciche, product manager, ABA Insurance Services. “They offer best-in-class response solutions, and we are confident our insureds will find value in their services.”
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