28 June 2016 Insurance

Ironshore’s Pembroke updates crime cover

Ironshore’s Pembroke Managing Agency has updated its financial institutions crime programme to include cyber fraud and cyber extortion.

The crime coverage for financial institutions provided by Pembroke indemnifies a company for direct financial loss resulting from internal and external fraud incidents.

Pembroke’s 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.

According to Pembroke, it broadened its crime cover to address risk exposure involving the manipulation of any data of any computer system, including remote hacking scenarios.

In the past, 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.

Chris Brown, global industry practice leader, financial institutions, said: “Cyber crime has heightened in frequency and severity, thereby demanding a responsive programme that aligns with today’s security challenges facing companies worldwide.

“Financial institutions are particularly vulnerable to cyber-attacks given the volume and sensitive nature of data housed within their vast technological platforms.”

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