Grandpoint Bank, which operates banks in California, Arizona, and Washington, 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 what it said is a first-of-its-kind cyber insurance group policy.

Grandpoint Bank 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, offers cyber crime loss coverage that is specifically geared to monetary losses.

“We are excited to make this new coverage available to our business clients,” said Petra Griffith, the 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.”