Insurance for Financial Services

From ransomware to malware to phishing (and more), data breaches typically cost businesses an average of nearly $4 million globally. As a result, cybersecurity is a primary concern of financial services companies. It only makes sense, too, as cybercriminals are becoming more threatening, executing sophisticated and multi-tiered cyber attacks. These threats can add up quickly, causing significant financial damage to an organization.

Most fintech leaders — around 43% — believe that regulations can slow industry growth. With all the hoops to jump through, it’s often tricky to scale internationally as current operations and pre-existing regulations don’t always work well together. Although sidestepping regulatory requirements isn’t an option, financial services companies face bottleneck situations when it comes to regulatory non-compliance.

According to the Association of Certified Fraud Examiners, US businesses will lose around 5% of their gross revenues to fraud. When the swindling comes from within the company, it stings even more. Employee fraud can come in many forms: inventory theft, expense reimbursement fraud, embezzlement, etc. Financial services firms must be on the lookout for inside trickery continually.

It might seem odd to consider a financial services organization as a place to sustain an injury. However, employees can still get hurt on the job, and clients can injure themselves on the premises, as well. No businesses wants to have out-of-pocket medical costs carve away at its revenue. As a result, financial services organizations must protect the people they serve.