Protect Your Financial Institution Before a Cyberattack Costs You Everything
Cyber Insurance Group builds cyber liability coverage around the real risks financial services firms face, not a generic policy. Licensed in 28 states, backed by 12+ A-rated carriers.
Compare your business across 12+ A-rated carriers in about 4 minutes, free and with no obligation. Your submission goes to a licensed agent who works cyber liability every day.
Technology Moved Faster Than Your Coverage Did
Most financial services firms we talk to haven’t thought about cyber risk until something already went wrong, or almost did.
You store customer data (names, payment info, maybe health records) and you’re not sure what your real exposure is if it’s breached.
You accept online payments or run point-of-sale systems, but have never confirmed whether a payment compromise is actually covered.
You’ve never been walked through what a ransomware attack would actually cost you in downtime, recovery, and lost business.
Your current policy, if you have one, was written before remote logins, cloud tools, and phishing emails became part of daily business.
We shop your coverage with A-rated carriers like
Why Cyber Liability Coverage Matters for Financial Services
Financial services firms handle account numbers, Social Security numbers, and wire transfer instructions, putting them squarely in the crosshairs of business email compromise schemes that impersonate executives to redirect payments. Under the GLBA Safeguards Rule (16 CFR Part 314), financial institutions must maintain a written information security program with access controls, encryption, multi-factor authentication, and an incident response plan, and must report qualifying breaches to the FTC within 30 days.
Verizon’s Data Breach Investigations Report puts the median business email compromise loss in financial services at around $50,000 per incident. A single wire-fraud incident or breach notification obligation can trigger legal, forensic, and client notification costs that a cyber liability policy is built to absorb.
Our Comprehensive List of Cyber Coverage Operations
Don’t leave your organization’s security to chance. Explore our comprehensive list of coverage operations.
First-Party Coverage
If your systems go down or your data is stolen, this pays to get you back up and running, covering data recovery, lost income during downtime, and extortion demands, not just the IT bill.
See What’s CoveredThird-Party Coverage
If someone sues you because their data was exposed through your business, this covers your legal defense, regulatory fines, and settlement costs instead of coming out of your own pocket.
See What’s CoveredAdditional Coverages
Round out your policy with crisis PR support, breach-prep services, and employee security training, the pieces that keep a bad day from becoming a bad year.
See What’s CoveredThe Cyber Insurance Group Match
Our named process for finding the right coverage for your financial services business, fast and without the guesswork.
Tell us about your business
We ask what data you handle, what systems you run, and where your actual exposure lives before we talk price.
We match you across carriers
We compare options across 12+ A-rated carriers and explain the differences in limits, exclusions, and deductibles.
You’re protected
Nothing is bound until you approve. Once covered, we track renewals and revisit coverage as your business grows.
Real Cyberattacks on Financial Services Businesses
If you run a financial services business, a cyber incident is one of the few events that can trigger simultaneous exposure to your regulator, your customers, and the vendors your systems depend on.
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2024Patelco Credit UnionCredit Union
A ransomware attack caused extended outages to online and mobile banking and card services, with confidential member information potentially exposed, confirmed by California’s Department of Financial Protection and Innovation.
Source →
By the Numbers
- Credit unions reported 892 cyber incidents to the NCUA between September 2023 and May 2024.National Credit Union Administration, Cybersecurity and Credit Union System Resilience Annual Report. Source
What This Means for Your Business
The Gramm-Leach-Bliley Act Safeguards Rule, enforced by the FTC, requires covered financial institutions to maintain a written information security program. A 2023 amendment now requires reporting qualifying security breaches to the FTC within 30 days of discovery, a hard deadline that starts running the moment an incident is confirmed. Source.
Real Licenses, Not a Marketing Claim
Cyber Insurance Group is a brand of The Allen Thomas Group, independent since 2003 and holding active insurance licenses in all 28 states we serve. No single insurer signs our paychecks. With 12+ A-rated carriers to choose from, our job is matching your business to the coverage that actually wants it.
Carriers we work with include Chubb, Travelers, The Hartford, Liberty Mutual, Nationwide, Progressive, Cincinnati Insurance, Auto-Owners, AmTrust, and Western Reserve Group. Not every carrier writes in every state.
See our full state-by-state license numbers, or meet the team behind the site.
Before You Decide
The objections we actually hear from business owners, answered straight.
Do financial services businesses need cyber liability insurance?
The sector carries a reporting obligation with a hard clock attached, which changes the economics. Credit unions alone reported 892 cyber incidents to the NCUA between September 2023 and May 2024. When an incident lands, the response has to be funded and running immediately, not negotiated afterwards.
What does cyber liability insurance cover for a financial institution?
Forensic investigation, customer notification, regulatory defense and response to examiner scrutiny, funds transfer fraud, extortion, and business interruption. For regulated institutions the breach coach function matters most, because the reporting deadline starts running before you know the full scope.
What does cyber liability insurance not cover for a financial institution?
It does not cover ordinary credit losses or investment losses, which are commercial risks rather than cyber events. It will not pay for the written information security program you are already required to maintain, and certain regulatory penalties may be uninsurable depending on the state.
Is cyber liability insurance required under the GLBA Safeguards Rule?
The Rule requires a written information security program, not an insurance policy. What it does impose is a deadline: a 2023 amendment requires reporting qualifying security breaches to the FTC within 30 days of discovery, a clock that starts the moment an incident is confirmed. Meeting that deadline properly is what the policy funds.
How much does cyber liability insurance cost for a financial services firm?
Most small businesses pay between $400 and $8,000 a year, with the average landing around $1,500, though regulated institutions holding large volumes of customer financial data typically sit at the higher end and often buy well above those limits. See the cost guide, or get a number for your institution.
We already comply with GLBA. Isn’t that enough?
GLBA compliance reduces your risk and can limit certain penalties, but it doesn’t pay for forensics, customer notification, or a resulting lawsuit. Compliance and insurance solve two different problems.
Ready to See What You’d Pay?
Independent agents, 12+ A-rated carriers, and a licensed cyber liability specialist reviewing your submission.
No cost to get a quote. Nothing is bound until you approve.
Which Kind of Institution Are You?
Your breach reporting deadline is set by whoever regulates you, and for some of these it is not a regulator at all.
Community Banks
The 36-hour federal reporting rule, the duty it places on your core processor, and what bank coverage should include.
See Community Bank CoverageCredit Unions
The NCUA 72-hour cyber incident reporting rule, how it differs from a bank’s 36 hours, and what credit union coverage should include.
See Credit Union CoverageInsurance Agencies
Ohio gives you three business days, New York 72 hours, and New York’s limited exemption does not release you from notifying.
See Agency CoverageMortgage Brokers & Lenders
The FTC names your job title in the rule, and your loan file travels between five parties inside six weeks.
See Mortgage CoveragePayment Processors & ISOs
Your binding security standard is a contract with the card networks, not a statute, and that changes what the policy must reach.
See Payments CoverageRegistered Investment Advisers
The SEC Regulation S-P 30-day customer notification duty and what adviser coverage should include.
See Adviser Coverage