Pembroke Managing Agency, a subsidiary of Bermuda-based Ironshore, has updated its financial institutions crime programme to include cyber fraud and cyber extortion.
Pembroke is providing crime coverage for financial institutions that indemnifies a company for direct financial loss resulting from internal and external fraud incidents.
The updated crime policy protects against employee fraud, documentary fraud by third parties, robbery, as well as extended coverage for cyber fraud and cyber extortion acts.
Pembroke broadened its crime cover to address risk exposure involving the manipulation of any data of any computer system, including remote hacking scenarios.
Previously, the policy only addressed loss sustained from direct tampering of the insured’s computer system. Coverage is also provided for the cost of responding to a data breach, loss of interest payable or receivable and legal defence expenses.
“Cyber crime has heightened in frequency and severity, thereby demanding a responsive programme that aligns with today’s security challenges facing companies worldwide,” said Chris Brown, Pembroke global industry practice leader, financial institutions.
“Financial institutions are particularly vulnerable to cyber-attacks given the volume and sensitive nature of data housed within their vast technological platforms.”
Ironshore, Pembroke, Cyber, Insurance, Reinsurance, Bermuda, London, UK, Chris Brown