Reviewing ICBA's white paper on bank cyber insurance
ICBA recently released a white paper on bank cyber insurance. The paper discusses current market challenges which include escalating premiums and shrinking coverage, inconsistencies in underwriting, and exclusions, sublimits, and ambiguity. The current AI risk gap in cyber insurance is addressed. The paper then goes into insights and recommendations from community bankers. The paper then wraps up with recommended questions to ask your insurer regarding AI coverage. What makes this paper great are the checklists provided. On page 10, there is an internal readiness checklist with items that…
The skinny
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