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Financial Technology Insurance ( 'FinTech’) has become increasingly vital with technology advancing in the digital age.
Financial technology companies are defined as technology-led businesses providing banking or financial services. As networks, data, and the cloud pose risks, these businesses must be protected in case legal disputes emerge.
FinTech Insurance encompasses several policies, including Professional Indemnity, Directors & Officers' Liability, and Crime, ensuring a comprehensive yet simplified approach to insurance management.
Errors and Omissions: Covers claims arising from errors, omissions, or negligence in the provision of professional services.
Breach of Duty: Legal costs and damages resulting from a breach of fiduciary duty or other professional obligations.
Data Breach Costs: Covers costs associated with data breaches, including notification, legal defence, and regulatory fines.
Cyber Extortion: Protection against cyber extortion and ransomware attacks.
Business Interruption: Covers loss of income and additional expenses due to a cyber incident disrupting business operations.
Management Liability: Protects directors and officers against claims for wrongful acts committed in their managerial roles.
Employment Practices Liability: Covers claims related to employment practices such as wrongful termination, discrimination, or harassment.
Technology Failures: Covers claims arising from the failure of technology products or services provided by the insured.
Software and Hardware Errors: Legal costs and damages from software bugs, hardware malfunctions, or system outages.
Employee Theft: Covers losses due to theft or fraud by employees.
Third-Party Fraud: Protection against fraud or dishonesty by third parties affecting the company’s assets.
Any technology-led business providing financial services, whether it be digital banks, cryptocurrency exchanges, digital lending or trading platforms.
We have you covered.
Financial Technology Insurance, often referred to as FinTech Insurance, is designed to protect FinTech companies from a range of risks associated with their innovative services and products. It covers professional indemnity, cyber liability, directors and officers liability, technology errors and omissions, and crime insurance. This insurance is crucial for FinTech companies as it helps manage the unique risks they face, including cyber threats, technology failures, and regulatory challenges, thereby ensuring business continuity and financial stability.
Financial Technology Insurance benefits FinTech companies by providing comprehensive protection against various operational, technological, and regulatory risks. It helps mitigate financial losses from claims related to errors and omissions, cyber incidents, management liability, and technology failures. This insurance also enhances the company's credibility and trust with clients and investors by demonstrating a proactive approach to risk management and compliance.
Yes, cyber extortion and ransomware attacks are typically covered under Financial Technology Insurance, specifically under the Cyber Liability component. This coverage includes protection against the financial impact of cyber extortion, such as ransom payments, and the costs associated with responding to and recovering from a ransomware attack, including legal fees, IT forensics, data restoration, and business interruption losses.
We believe in working closely with you to understand your unique needs and preferences, ensuring that the insurance coverage we offer is affordable and precisely tailored to meet your requirements.
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Professional Lines Insurance Brokers Pty Ltd T/As PLI Brokers (CAR 1308221| ABN 54 601 665 141) Corporate Authorised representative of Community Broker Network Pty Ltd | AFSL 233750 | ACN 096 916 184
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