Why is cyber insurance so important for fintech companies?

Fintech companies hold sensitive data, have access to sensitive systems and in some cases handle client money. As such, they are a huge target for cyber criminals.

In addition, the knock-on effects of cyber-attacks in the financial services industry can be more catastrophic than cyber-attacks in other industries.

Cyber insurance will provide essential protection and assistance for:

• Incident response assistance.
• IT forensics.
• Legal advice and regulatory costs.
• Crisis containment and communication.
• Loss of revenue and reputation.