Pub. 7 2017-2018 Issue 3

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S November • December 2017 21 different. Theproper amount of coverage for your bank is import- ant. Having too little coverage is almost as bad as none at all. Our specialized staffwill reviewyour policies and recommend advice to make sure you are insured correctly. If something is too good to be true Onoccasion, youmay runacross an insurance agentwhowill provide your bank with proposals that cost half of what you are currently paying and what other carriers are charging. This is an excellent example of BUYERBEWARE. Theremight bemore holes in this policy than Swiss cheese! Again, an agency such as BIA can educate you on what you should look for in a policy. Insuring your information Bank robbers todayno longer use agunandmask; a computer and a mouse are their weapons of choice. Social Engineering Fraud is a real concern to businesses of all sizes today. There are over 100,0000peopledailyaffectedby social engineeringattacks. It is a real concern for financial institutions. Social Engineering is generally where an account holder is targeted by a phishing scheme and voluntarily gives away funds to a perceived third party. This is often called “voluntary parting of title” and not covered by a Fund Transfer Fraud Insurance Agreement or the Bank’s Fraudulent Instructions coverage. Youneed an insurance agency that understands those risks and can help youmaneuver through the many insurance endorsements available. Targeted attacks arehappening everyday andneed tobe coveredproperly; BIA knows this. We specialize in financial institutions and we make sure the event will be covered. In the next issue Hopefully, I have pointed out a few good reasons for using Bankers InsuranceAgency. In thenext issue, wewill discuss how our agencycanhelpyou inmaking the right choices for yourCyber Liability and Breach Response. Also, we will be having a lunch and learn on Cyber Liability near you. Stay tuned!  You need an insurance agency that understands those risks and can help you maneuver through the many insurance endorsements available. 800 318 4142 • INSURANCE BIA.INSURANCE • WWW.BIA.INSURANCE Proudly endorsed by the Texas, Oklahoma and Colorado Bankers Association Financial Institution Bond Directors and Officers Liability Policy Cyber Liability/Privacy Breach Response Commercial Property, Auto, Worker’s Compensation Lender Placed Insurance Mortgage E&O and Impairment Debit and Credit Card Fraud Insurance Coverage Review Group Health Insurance Insurance for Your Bank Commercial Customers PROVIDING INSURANCE PROTECTION FOR MORE THAN 30 YEARS 2017 BIA Mag ad.qxp_BIA-CO Mag half pg 9/21/17 2:09 PM Page 1