Does your institution need cybersecurity insurance? Is it required? If utilized, are there rules? Cybersecurity insurance can protect against financial loss in the event of a cyber incident, but there are many intricate details.
The Federal Financial Institutions Examination Council (FFIEC) members have provided a joint statement to help financial institutions understand how cyber insurance impacts risk management and what institutions need to do when considering purchasing cyber insurance. The
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In 2010, we witnessed 157 banks closed by the FDIC. They were either taken over by stronger hands or liquidated and depositors were given back their deposits.
On this first Friday of the New Year,only two banks were shut down. According to the BlogSpot the Bank Blog:
“The "honor" of the first bank to fail in 2011 belongsto First Commercial Bank of Florida based in Orlando. …It had approximately $598.5 million in total assets and $529.6 million in total deposits was closed. First Southern Bank
