Millions of dollars on the line

Costs related to data breaches could cost a credit union in the millions of dollars—a huge liability typically not covered under a CU’s general liability coverage.

That’s why many credit unions are moving to buy cyber insurance policies, including CUNA Mutual Group.

CUNA Mutual told that interest in cyber insurance is growing among all sizes of credit unions that see the need for the additional coverage to be fully protected against data breach expenses.

“Roughly half of all credit unions have cyber insurance today,” estimated Jay Isaacson, VP of  P&C solutions at CUNA Mutual Group, which provides cyber coverage to credit unions. “I’d say that credit unions buy at a slightly higher rate than other types of businesses. Maybe not higher than other financial institutions. But it just makes sense as financial institutions hold choice data for hackers.”


continue reading »