Insurers see more demand from banks for cover against cyber attacks, rogue staff

Image Source: Google Images

Image Source: Google Images

Banks are increasingly turning to insurance to protect their capital from “operational risks” like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise.

After a spate of expensive court cases and IT outages, banks including Credit Suisse, Deutsche Bank and Lloyds are looking for ways to mitigate the costs of such episodes by taking out insurance.

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