WASHINGTON (3/11/15)--CUNA Mutual Group is collaborating with the Financial Services Information Sharing and Analysis Center (FS-ISAC) to help policyholders mitigate cybersecurity threats, improve incident identification and reduce response times.
FS-ISAC, the gold standard in risk and threat information sharing for more than 5,500 financial firms, will offer a discounted annual fee on a basic membership for credit unions having a cyberinsurance policy through CUNA Mutual Group. Discounts include a 20% savings on new memberships and 10% on renewals, the Madison, Wis.-based credit union insurance and risk management provider said Tuesday.
The collaboration stems from an escalating frequency and severity in cyberattacks. Nearly half of organizations surveyed encountered at least one security incident in the past 12 months, the Ponemon Institute reported in September.
Cyberinsurance policies doubled to 26% in 2014 from 10% in 2013. A YouTube video provides information about data breaches' impact on financial institutions.
"As with any organization today, credit unions face similar severity of risk," said Jay Isaacson, CUNA Mutual Group vice president of business protection. The collaboration "brings expertise to our credit unions to understand the complexity, pace and current threat environment related to cyberbreaches."
FS-ISAC President/CEO Bill Nelson said it "can support the credit union industry to build a stronger, more secure financial future for their members." FS-ISAC's ability to facilitate the exchange of information, the breadth of membership in its network and its commitment to facilitate threat intelligence provides credit unions with important resources to enhance their cybersecurity risk management efforts, he added.
CUNA Mutual has offered risk management/insurance cyber-related loss exposures since 2010 and provides cyberinsurance to more than 1,500 policyholders.
"There is tremendous value in the sharing of information, best practices and real-time threat warnings," said Isaacson. "Credit unions must remain vigilant in protecting member data entrusted by them."