Internet Banking Liability

Nuts & Bolts: The St. Paul Companies launched a new product for community banks that will offer protection from the risks associated with conducting business on the Internet. Coverage would include legal liability for damages and defense costs for failure to protect private or confidential information of others from unauthorized access on or through the Internet, failure to prevent the transmission of a computer virus to authorized users of a bank’s Web site on or through the Internet, and failure to provide access to authorized users of a bank’s Web site on or through the Internet. Community banks with assets of $1 billion or less are eligible. Dollars: Coverage would include the bank’s legal liability for damages and defense costs.

Carrier: Rated “A XV.”

States Available: All.

Contact: Kim O’Connell, (651) 310-2883, kim.o’connell@stpaul.com