In case an unfortunate incident like a cyber breach occurs, a business\u2019s immediate response could mean the difference between survival and disaster \u2013 and this is why crisis management needs to be looked at proactively rather than retrospectively.<\/span><\/p>\n Directors\u2019 and officer\u2019s insurance<\/span><\/a><\/span> is another important consideration for fintech firms, to offer personal protection and attract top talent.<\/span><\/p>\n \n <\/p>\n <\/p>\n During a cyber attack, time is crucial. Every second that an attack is unaddressed creates more damage. This is where crisis management plays a role. A crisis management team consists of a group of experts that are available around the clock, ready and prepared to respond to any type of security breach or attack as soon as it happens.<\/span><\/b><\/p>\n In the event of a data breach, a good crisis management team will address multiple areas simultaneously, working to contain the damage as well as offer guidance to identify what data has been compromised and what steps need to be taken. They also assist in activating mandatory notices to regulatory and legal bodies and keeping them informed. Once the immediacy of the crisis settles down, it is also within this team\u2019s remit to assist with resuming normal operations and assess the extent of damages and liability.<\/span><\/b><\/p>\n Due to the multi-faceted nature of a crisis management team, it\u2019s important to have access to one that includes specialists from various fields, including solicitors, tech experts, PR professionals, insurance assessors, and others.<\/span><\/p>\n \n Professional indemnity forms the core of fintech insurance policies. Based on each business\u2019s goals, budgets, and needs, various options can be added to this to create a more comprehensive cover that offers higher levels of protection.<\/span><\/p>\n [\/et_pb_text][et_pb_toggle title=”Professional indemnity insurance” closed_toggle_text_color=”#FFFFFF” closed_toggle_background_color=”#5AA9E4″ icon_color=”#FFFFFF” _builder_version=”4.14.8″ _module_preset=”default” title_font=”|700|||||||” global_colors_info=”{}”]<\/p>\n Professional indemnity insurance<\/a><\/span> normally covers claims that arise when businesses fail to provide the services they have promised clients. These failings could come from bad advice, poor service like arranging inadequate security against a loan, or other types of negligence. As a general rule, this policy should cover compensatory damages, including the defendant\u2019s own legal fees as well as the claimant\u2019s fees that may be awarded against the defendant. It could also extend to regulatory investigations made against the business.<\/p>\n What it does not cover include theft and data or network security incidents.<\/p>\n This insurance may be a mandatory requirement set out by a regulator.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Directors\u2019 and officers\u2019 liability” closed_toggle_text_color=”#FFFFFF” closed_toggle_background_color=”#5AA9E4″ icon_color=”#FFFFFF” _builder_version=”4.14.8″ _module_preset=”default” title_font=”|700|||||||” global_colors_info=”{}”]<\/p>\n Disgruntled shareholders, employees, creditors or regulators may bring forward allegations of wrongful conduct by directors or officers in their official capacity. Directors\u2019 and officers\u2019 liability<\/a><\/span> covers the costs involved in their defence and protection. It could also include reimbursements for companies that are contractually bound to indemnify their directors.<\/span><\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Theft” closed_toggle_text_color=”#FFFFFF” closed_toggle_background_color=”#5AA9E4″ icon_color=”#FFFFFF” _builder_version=”4.14.8″ _module_preset=”default” title_font=”|700|||||||” global_colors_info=”{}”]<\/p>\n Policies that cover theft include the theft of money as well as any other financial instruments, depending on what a business chooses to add to their plan. Usually, it covers both electronic and non-electronic thefts. It could even be comprehensive enough to include the costs of dealing with extortion attempts or digital threats against a ransom.<\/span><\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Cyber liability and loss” closed_toggle_text_color=”#FFFFFF” closed_toggle_background_color=”#5AA9E4″ icon_color=”#FFFFFF” _builder_version=”4.14.8″ _module_preset=”default” title_font=”|700|||||||” global_colors_info=”{}”]<\/p>\n Cyber attacks and threats are increasingly common and pose a growing threat to fintech firms. Fintech Insurance policies that cover cyber liability and loss<\/a><\/span> generally offer protection against attacks by hackers, incidents of viruses, and data breaches. Depending on the choice of cover, it could also include the costs of managing the breach, restoring IT systems, and business interruption.<\/span><\/p>\n [\/et_pb_toggle][et_pb_text _builder_version=”4.14.8″ _module_preset=”default” global_colors_info=”{}”]<\/p>\nThe Role of Crisis Management in Fintech Insurance<\/b><\/span><\/h2>\n
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<\/b><\/span><\/p>\nWhat Does Fintech Insurance Cover?<\/b><\/span><\/h2>\n