Monthly Archives: June 2016
Biltmore Bank has introduced a new way for its business banking clients to protect themselves from financial losses due to funds transfer fraud and cyber deception through a first-of-its-kind cyber insurance group policy.
Grandpoint Bank has created Grandpoint Insurance Services, Inc., a non-bank insurance agency affiliate, to develop the Client Cyber Crime Insurance product. The policy, offered to customers of Grandpoint Bank and its divisions, including Biltmore Bank, offers cyber crime loss coverage that is specifically geared to monetary losses. It was created as an affordable and easy alternative to individually underwritten, higher-priced commercial crime insurance policies.
The majority of businesses don’t realize that they have significantly more exposure for losses due to fraud than individual account holders, who are afforded certain regulatory protections. Businesses are often tricked into approving fraudulent transfers, notwithstanding internal controls to identify and prevent this kind of risk. According to the FBI, since 2013, over 17,000 businesses have lost an aggregate of more than $2.3 billion to one type of cyber crime alone, known as the business email scam.
Even as monetary losses due to cyber crime have skyrocketed in recent years, many traditional commercial crime policies specifically exclude losses arising from cyber deception.
“We are excited to make this new coverage available to our business clients,” said Petra Griffith, Director of Product Development for Grandpoint Bank. “The policy focuses on the kinds of coverage that directly address the key fraud risks that businesses face – losses to their bank accounts through cyber crime. Cyber crime is a major concern for businesses, especially since they are typically liable if cyber criminals steal funds from their business accounts. They often don’t have the appropriate insurance in place and are finding it more difficult to protect themselves in this ever evolving, increasingly sophisticated cyber crime environment.”
The Client Cyber Crime Insurance policy is available exclusively to business clients of Grandpoint Bank and its divisions, Biltmore Bank of Arizona, Bank of Tucson, and Regents Bank, through Grandpoint Insurance Services, in partnership with LBW Insurance & Financial Services, Inc. The policy is underwritten by Hiscox Inc., on behalf of Underwriters at Lloyd’s, London, which is rated A by A.M. Best. Insurance products are not a deposit, not FDIC insured, not federal government agency insured, not bank guaranteed.
The Client Cyber Crime Insurance group policy coverage helps reimburse funds in business deposit accounts lost due to funds transfer fraud and cyber deception and is offered at premiums that represent substantial savings from individual policies currently available on the market. Any business that has a deposit account at Grandpoint Bank or its divisions is automatically eligible to enroll in the policy and select from a range of coverages with premiums that start at $30 per month.
“Educating and alerting our clients, and the broader business community, about established and emerging cyber crime trends is a commitment we’re passionate about,” said Rich Endicott, President of the Biltmore Bank of Arizona. “We’ve been working for over a year to create a more powerful solution to help clients protect their financial assets against attacks by cyber criminals.”
For more information on the Client Cyber Crime Insurance, visit grandpointinsurance.com.
Insurance Products are:
Insurance Products are offered through Grandpoint Insurance Services, Inc., a non-bank insurance agency affiliate of Grandpoint Bank, and facilitated through LBW Insurance & Financial Services, Inc., an unaffiliated insurance agency.
We’d like to express our heart-felt thanks to Republic Media for selecting The Biltmore Bank of Arizona to be included in its Who’s Who in Business honorees. On May 25, the magazine honored our top executive, Rich Endicott, and our highest ranking women, Desirae Outcalt and Leticia Scearce, at The Arizona Republic and azcentral.com offices in Phoenix with a special breakfast mixer event.
Who’s Who in Business recognizes the state’s highest-ranked 10 companies in 50 different fields. The magazine also lists the top-ranked companies’ leading Arizona executive and highest-ranking women. 2016 marks the 25th anniversary of the annual Who’s Who in Business.
We would also like to extend our appreciation to our clients, without whom we would never be recognized with programs like Who’s Who in Business, Ranking Arizona or BauerFinancial’s Five-Star Superior Rating. From the very beginning, we had a basic operating philosophy: treat people with respect; communicate and respond quickly to their needs; and be a part of the community we serve. We are glad that our philosophy is appreciated by our clients and our community.
Our clients come to us with complex issues – because we have a proven track record of solving them. We provide value beyond banking, and we stand shoulder-to-shoulder with our clients to help them grow their businesses.
If we’ve been able to help you, thank you for trusting in us. If you’re grappling with an issue that’s holding your business back, please consider meeting with us. Our relationship managers have counseled clients through a wide range of challenges and complex issues. Also, these experienced bankers really enjoy helping! Learn more about our philosophy and services here, and please don’t hesitate to contact us.