US urges banks to consider cyberrisk insurance amid hacking threats

GOOD POINT: Cyberinsurance will not stop hackers, but it can help banks improve their broader cyber controls, said Treasury Deputy Secretary Sarah Bloom Raskin.

WASHINGTON: Banks should consider cyberrisk insurance to help deal with the financial fall-out from the growing threat of cyberattacks, a top US regulator said. 

Bankers and officials have become more vocal lately about concerns that malicious hacks could put customer data and the stability of the financial system at risk.