The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming, bipartisan support and signed into law by President Trump on March 27, 2020. This economic relief package, worth over $2 trillion, delivers on the Trump Administration’s commitment to protecting the American people from the public health and economic impacts of COVID-19. The CARES Act provides fast and direct financial assistance for American workers, families, and small businesses, and preserves jobs for our American industries. However, there have been underlying issues surrounding this Act, specifically regarding the banking and insurance industries.
Risks are on the horizon as lawsuits from the plaintiffs’ bar claiming a wide range of wrongdoing related to stimulus lending has already begun to hit banks of all sizes, seeking tens of millions of dollars in damages. Many small banks have not prepared for this risk since they do not have the proper insurance for these types of claims.
In the wake of the 2008 Financial Crisis, CAC Specialty professionals crafted best-in-class protections for financial institutions that paid out almost $1 billion in insurance proceeds, while many other banks fought for years for little or no insurance recovery. Now, CAC Specialty has proactively worked with select insurers to create unique solutions to protect banks of all sizes where they are exposed. A Principal and Senior industry leader at CAC Specialty stated that “[CAC Specialty] is a first-mover in CARES Act risks coverage, working closely with our clients to understand their particular risks and transfer it to stable, reliable insurers.”
Unfortunately, the new and unique risks that face companies continues to increase. Besides a form of “PPP insurance,” one of the most important, but often forgotten insurance needs is cybersecurity insurance. Cyber insurance pays the costs associated with cybersecurity breaches. Those costs include lawsuits, data loss, forensics investigations, and more to help your company and the breach victims make a full recovery.
CybetaTM has teamed with CAC Specialty to provide cybersecurity solutions to protect companies from potential cyber-attacks. Cyber breaches can come in many different ways – the most common being Phishing, Malware, and Code attacks. Each of these attacks, if successful, can cost companies thousands of dollars to repair, and most small businesses are unable to even survive such an attack.
The lesson is, get Cybersecurity insurance to protect your business from unexpected attacks and get PPP insurance to protect your business from risks related to the CARES Act. The #1 goal is survival.
For more information about CybetaTM and the CAC Specialty partnership visit CAC Specialty’s Press Release.
If you are concerned about your cyber risks and how to become more protected, visit the Cybeta website to explore which solution caters to your company’s specific needs.
CybetaTM is a cyber data science company that provides three different solutions to small banks seeking security. We offer three core solutions: our data, risk assessment reports, and near-real-time monitoring through Cybeta Overwatch®. CybetaTM focuses on developing advanced analytics for early indications and warning of potential or emerging cyber-attacks. Our flagship product, Threat BetaTM, has been independently verified and validated to provide accurate predictions of future breach exposure.
Using a bottom-up methodology, Cybeta’s second tool – Threat AlphaTM calculates the complete financial and business impact on a client’s organization from a cyber-attack. It illuminates cybersecurity priorities by applying economic rationale to decisions and provides the facts and intelligence needed to make the best technology ROI decisions in real-time.
At CybetaTM, we are enabling organizations to make the shift towards an active defense cybersecurity strategy. Cybeta’sTM third verifiable product is called Cybeta Overwatch®. Overwatch is a continuous monitoring, reporting, and alerting system based on Cybeta’s baseline Threat BetaTM and Threat AlphaTM analytics. Cybeta Overwatch® monitors your organization’s external infrastructure for changes, discoveries, exploitation of relevant vulnerabilities, and related emerging threats. A key component of Cybeta Overwatch® is its proprietary scanning, collection, and analysis of relevant deep and dark web content. This continuous monitoring and real-time alerts give you the necessary warnings to avoid a cyber-attack.
Founded in 2019, CybetaTM offers a suite of Cybersecurity products and services designed to help you keep your business off the Cyber ‘X’. Based on decades of detecting and thwarting the activities of even the most advanced attackers, CybetaTM delivers the substantive intelligence you need to make preemptive strategic and operational decisions. Think in terms of over-the-horizon visibility coupled with enhanced peripheral vision.