14Sep

Equifax Breach: Leaves Many Questions for Consumers and Businesses

Resources and Communications

The breach revealed and confirmed by Equifax on September 8, 2017 leaves many questions for consumers and businesses. At this point in time, additional information continues to become available which we will monitor with regard to our insured institutions.

We encourage financial institutions to provide links for their account holders to the Federal Trade Commission (FTC) and Equifax pages. There are also steps some experts recommend, which individual consumers may or may not determine is applicable to their situations (monitoring, freezes, etc). Because we do not have full knowledge of the details of the breach or the circumstances existing between Equifax and each of our insureds, we are not able to comment on specific coverage at this time. Based on what we do know, Equifax is taking measures to provide monitoring and working to comply with notification requirements based on differing jurisdictions. It is because of this effort that we encourage financial institutions to direct consumers to the Equifax and FTC pages.

This situation stands as a reminder for organizations of all sizes to review their own internal response to potential breaches. It’s equally important to review third-party relationships to ensure controls through those vendors handling sensitive information. Berkley FinSecure makes some resources available via prior communications, and many associations make resources available to members.

Resources and Communications

As information becomes clear and details emerge we will provide updates as appropriate to our many insured financial institutions via our webpage.

  • Federal Trade Commission (FTC) Page
  • Equifax Page
  • a href=”http://www.berkleyfinsecure.com/news-events/no-excuses-business-continuity-planning/”>Continuity Planning
  • a href=”http://www.berkleyfinsecure.com/news-events/average-cost-data-breach-soars-29/”>Data Breach Costs
  • a href=”http://www.berkleyfinsecure.com/news-events/cybersecurity-help-your-financial-institution-clients-assess-their-risk/”>Cyber Security

Make Sure Your Financial Institution Clients Have The Right Coverage For Their Foreclosed Properties

Through our financial strength and knowledge in the coverage, we can help remove questions when a loss does occur. That’s what it means to be experts focused on your protection. Knowing how policies and procedures will impact coverage is an important step to ensuring appropriate insurance is purchased. Contact any one of the FI insurance experts below for help in making sure your FI customers have the right coverage from a strong, stable company!