The Boston Fed's 2016 Cyber Security Conference Shows the Need for This Coverage, a Captive Staple

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   Because financial institutions hold assets and a large amount personal information, they're a natural target of hacking.  This is more than a hypothetical: over the last 24 months, the Central Bank of Bangladesh has been hacked as have other large institutions. Realizing the importance of this problem, the Boston Federal Reserve held a conference on cyber security in the spring of 2016.  This link has a number of relevant presentations from that conference.

   The cost of Cyber coverage has increased over the last 24 months, thanks to an increasing number of large claims.  As a result, companies are at minimum placing their deductible cyber coverage in captives at an increasing rate.  

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