MAYFIELD HEIGHTS, Ohio – ABA Insurance Services Inc., an Ohio-based banking insurance company, has launched a new cyber insurance product to help banks better prepare and respond to data security incidents.
The new coverage, announced last week, will give clients 24-hour access to privacy and data-protection legal firm BakerHostetler, according to a press release. Banks that experience real or suspected data security breaches will receive free one-hour consultative post-breach services and clients can choose whether to engage in post-breach services.
“ABA Insurance Services is excited to provide our insured access to BakerHostetler’s incident response team,” said Lisa Micciche, ABA Insurance Services product manager, in a statement. “Banks are a high-value target for hackers and BakerHostetler’s extensive expertise will help banks mitigate that risk.”
Michigan-based data protection and information security research company, Ponemon Institute, estimates more than 1 billion records of personal identifiable information has been stolen worldwide, according to a release. Financial services is one of the most frequently targeted industries, according to the report.
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