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Smart Cyber: Made for Financial Services

Corvus is partnering with organizations in the financial services industry to combat cyber risk.

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Endorsement Information

Industry-Specific Coverage and Appetite

Claim Scenario

Desired Sub-Classes

In the event of a cyber attack, both confidential information and goodwill are at risk — which threat actors leverage for large ransom payouts. The frequency of ransomware attacks on the financial sector increased 231% from Q4 2022 to Q2 2023.

[DIAGRAM] The bright side of the cyber threat landscape

The bright side

Despite the current threat landscape, we’re offering broad policy language, competitive terms, and endorsements made with financial services in mind.

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Endorsement

Made for Financial Services

Our endorsement extends coverage to specific types of computer systems and software commonly used in the financial services industry: trade management and execution platforms, money management platforms, proprietary trading platforms, business intelligence software, bookkeeping software, payment gateways, tax management software, and financial planning software.

[DIAGRAM] Cyber insurance coverage made for financial services

Coverage

Industry-Specific Coverage

Payment Card Reissuance Costs

 

Coverage extends to cover the cost to reissue credit and debit cards in the event of a cyber event.

 

 

 

 

 

Client Payment Fraud

 

Cyber crime coverage extends to cover losses incurred by the Insured’s clients or customers that were misled, tricked, deceived, or manipulated by a third party purporting to be the Insured or any of the Insured’s products.

*Coverage for client payment fraud is not available to banks, credit unions, or mortgage lenders

Financial Fraud Intermediary 

 

Financial fraud coverage expands to include an Intermediary - either an Insured Representative or Seller Representative.

 

 

 

 

 

Appetite

Limits up to $10M
Primary risks earning up to $5B in gross annual revenue
Excess risks earning up to $5B in gross annual revenue

Claim Scenario

Wealth-Management Firm

[DIAGRAM] A suspicious email leads to a business email compromise

[ICON] Step #1

A suspicious email leads to a business email compromise

An employee at a wealth management firm interacted with a suspicious email. The employee's account was then compromised, and over 1,000 phishing emails were transmitted from the employee’s account to other employees and partners.

[DIAGRAM] A suspicious email leads to a business email compromise

[ICON] Step #2

[DIAGRAM] Threat actor contained and PII impact investigated

[DIAGRAM] Threat actor contained and PII impact investigated

Threat actor contained and PII impact investigated

Once the threat was identified, Corvus connected the firm with a forensics vendor and privacy counsel to contain the threat actor. Further investigation found that Personally Identifiable Information was impacted by the compromise.

[ICON] Step #3

[DIAGRAM] Recovery begins for the wealth management firm

Recovery begins

Corvus continued working with firm to recover from the incident, introducing vendors to assist in notifying affected individuals in compliance with data-privacy regulations. The Corvus Smart Cyber policy covered costs associated with the response, helping the provider to respond with confidence and recover financially from the incident.

[DIAGRAM] Recovery begins for the wealth management firm

Desired Sub-Classes

  • Financial & Investment Advisors
  • Wealth Managers
  • Banks
  • Mortgage Lenders 
  • Insurance Carriers/ MGUs/MGAs
  • Mutual and Hedge Funds
  • Long-term Care/Assisted Living 
  • Long-term Care/Assisted Living
  • Broker Dealers
  • Credit Unions
  • Real Estate Investment & Private Equity Firms
  • Insurance Agent & Brokers
  • Financing and Lending Institutions

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*Eligibility for such program is determined when you apply for coverage. Policy quotes, terms and conditions, and premiums are made in accordance with Corvus Insurance’s underwriting guidelines. The policy, not general descriptions or material within this informational, will form the contract between the insured and our insurance carrier partners. Coverage may not be available in all jurisdictions.