Internet Banking Insurance
Internet banking insurance is an important coverage for companies that want to protect their digital financial activities from fraud and misuse related to internet banking and electronic payments. In an era where businesses conduct almost all payments and financial transactions over the internet, it is essential to have the right coverage for potential risks. Internet banking insurance protects your company against financial losses that may arise as a result of hacking and fraud associated with online activities.
What is internet banking insurance?
Internet banking insurance covers the financial losses that a company may incur as a result of fraud, hacking, or other security breaches related to the use of internet banking and digital payment systems. The insurance can cover unauthorized transfers, loss of funds due to phishing attacks, or misuse of login credentials, as well as other forms of financial damage occurring via the internet. The insurance can be tailored to the company’s needs, whether you use the bank’s standard internet banking, mobile banking solutions, or more advanced payment systems.
What does internet banking insurance cover?
Internet banking insurance typically covers losses resulting from fraud and misuse of the company’s internet banking. This may include unauthorized money transfers, hacking of the company’s bank account (e.g., through identity theft), or phishing attacks leading to financial losses. The insurance may also cover costs related to recovering lost funds and any legal assistance expenses. Additionally, it can cover the risks associated with using third-party payment solutions and apps employed in the company’s financial transactions.
It is essential to choose insurance that provides coverage in all situations where you may be exposed to internet banking crime.
Example of using internet banking insurance
A company discovers that an employee, without authorization, has transferred funds from the company’s internet banking account to a foreign account. It turns out that the employee has fallen victim to a phishing attack, in which hackers stole the login credentials. After reporting the incident to the internet banking insurance, the insurance company reviews all necessary documents and evidence. Following an assessment, the insurance company pays compensation covering the financial losses the company incurred as a result of the unauthorized transfer. The compensation helps the company recover the lost funds, ensuring that the business can continue operations without significant financial consequences.
Are you adequately covered?
It’s a good idea to seek help from a specialist to understand the specific risks your company faces. At Söderberg & Partners, we offer independent advice and tailored solutions, ensuring that you receive the best insurance solution with all the necessary coverages for your company.
We Often Get These Questions
Internet banking insurance provides financial coverage if you become a victim of cybercrime related to your internet banking, such as phishing, hacking, or identity theft.
Internet banking insurance can, for example, cover:
- Financial loss due to unauthorized transactions
Costs for IT experts or legal assistance
Support for data recovery or access restoration
Yes, in most cases, the insurance covers both internet banking via computer and mobile banking via apps – but always check the specific terms and conditions.
You report the incident to both the bank and the insurance company. The case will then be assessed, and you may receive compensation for your loss if the conditions are met.
Many banks cover certain types of fraud, but only if you have acted responsibly and followed their security recommendations. Internet banking insurance can provide broader coverage and extra security.
Anyone who uses business internet banking can benefit from internet banking insurance. The insurance provides peace of mind in case of unauthorized transfers or fraud.
You can take out internet banking insurance through your insurance company, often as part of a cyber or home insurance policy, or as an add-on.
The price varies depending on the insurance company and coverage level. The price often starts at a few hundred kroner per year.