Global financial institutions have started to take specific measures to protect themselves against cyber risks.
For example, Santander Bank from Spain has recently taken out an insurance policy with global coverage as part of its corporate cyber security strategy.

Official sources of the institution concerned state that this is one of measures taken due to the rise in incidents related to attacks specifically targeting the financial sector. The policy deal, which was signed with Zurich Insurance, has two types of coverage. One for each local bank, and another for branches operating at a global level.

While there has been no disclosure as to the costs, the step marks an important best-practice innovation in the sector. Specifically, the financial institution has set up a corporate-wide Cyber-Security Program to be implemented in every bank in the group with the purpose of establishing three lines of action: a pivotal action of cyber resilience, access control and segregation of duties.

The company is also organising training sessions in several countries in order to assess the response of its branches to cyber incidents. In parallel, it has been launched a training programme for bank employees through the corporate e-learning platform.

Source: www.elconfidencial.com