Just because your website does not have online banking does not mean you cannot have a Cyber Liability loss. Your website is the world’s window/doorway to your public image. What can happen?
Here are two examples:
- A disgruntled loan customer hacks into your website and puts on it a list of 10 reasons not to do business with your bank. It’s two days before you realize what has happened. The cost of eliminating the “list” is significant, but the loss of Good Will is enormous (this scenario actually happened!).
- In setting up your website, your designer accidentally violates trademark laws. You are sued for infringement of a Trade Mark including punitive damages.
Covered by Insurance?
If you do not have a Cyber Liability/Internet Liability policy for your bank, almost certainly you would not have coverage. If you do not have the right type of Cyber Liability/Internet Liability insurance, you might not either.
If your website is interactive, you have opened a fresh can of worms. You must have a Cyber Liability/Internet Liability policy to have any hope of coverage.
Let Bahr Consultants review your policies and Cyber services to help you determine your coverage and exposures.