In terms of financial loss, the numbers are staggering. Surprisingly, a significent percentage of these losses have eminated from within the very walls of the business, meaning that trusted employees and advisors contributed or aided in breaching cyber-security. Your community bank is a high profile target of such attacks.

"Feeling secure" about your bank's cyber-security efforts is different than "insuring" that security. In today's society, both are needed.

To attract, retain and protect this key asset (it's Board Members) the proper D&O Insurance must be in place at all times. InsureMyBank.com has worked to ammas the finest policy forms and the most competitively priced insurance portfolio available, all specifically designed with your Community Bank in mind.

As boards scrutinize their companies’ cyber preparedness, they may also want to consider the purchase of a cyber liability insurance policy, which typically addresses the e-commerce crime- and liability-related exposures the company may face and may even cover the costs associated with security breach notification expenses. Unfortunately, the all-too-common disconnect between many risk managers and IT security officers may leave some companies exposed to these potentially costly exposures. Directors need to ensure that an open dialogue exists between risk managers and IT security officers to appropriately consider risk mitigation through cyber insurance.

Once you have an Internet presence, you are exposed to the world. Community banks are not immune to cyber risk just because they are small;in fact, they might be more of a target. Most of them have websites, Online banking, and even if they don’t have Online banking their websites are often transactional, with services such as bill-pay. They offer these services to compete with large institutions and to retain customers. Community banks’ mission is to provide superior service to local clientele so they’re definitely in the ring with cyber exposure.

Legislation demands Financial institutions look at cyber-risk. FDIC examiners are also looking at how financial institutions are mitigating cyber risk and from a reputational point of view, banks need to be concerned about protecting their customers’ information.