CUNA Mutual Group collaborates with FS-ISAC, expands cyber-security resources for credit unions and policyholders
Discounted Memberships Offered to Credit Unions Provide Vital Security Resources and Best Practices to Mitigate Cyber Security Risks for Policyholders.
WASHINGTON, DC (March 10, 2015) — The escalating frequency and severity of cyber-attacks continue to make data security and response a top priority for the financial services and insurance industry. CUNA Mutual Group, the largest insurer and risk management provider to credit unions, is collaborating with the Financial Services Information Sharing and Analysis Center (FS-ISAC), the gold standard in risk and threat information sharing, to offer discounted FS-ISAC membership so policyholders can mitigate cyber security threats, improve incident identification and reduce response times.
According to a Ponemon Institute study from September 2014, the risk of experiencing a data breach is higher than ever with almost half of organizations suffering at least one security incident in the last 12 months.1
Cyber insurance policies are also becoming more important to an organization’s preparedness plan, with the adoption rate more than doubling over the last year from 10 percent in 2013 to 26 percent in 2014.2
“As with any organization today, credit unions face similar severity of risk. Our collaboration with FS-ISAC brings expertise to our credit unions to understand the complexity, pace and current threat environment related to cyber breaches,” said Jay Isaacson, CUNA Mutual Group vice president of business protection.
“We are proud to partner with CUNA Mutual Group to ensure that credit unions have access to the actionable threat intelligence. As a leading resource in the financial sector, FS-ISAC can support the credit union industry to build a stronger, more secure financial future for their members,” said Bill Nelson, President and CEO, FS-ISAC.
“FS-ISAC’s ability to facilitate the exchange of information, the breadth of membership in their network, and their commitment to facilitate threat intelligence provides credit unions with important resources to enhance their cyber security risk management efforts,” adds Isaacson.
FS-ISAC is a member-owned, non-profit organization serving as the global financial industry’s go-to resource for cyber and physical threat intelligence analysis and sharing. Launched in 1999 and serving more than 5,500 financial firms, FS-ISAC is a well-respected platform for information and threat-sharing intelligence across the financial services industry.
The U.S. Department of the Treasury, the U.S. Office of the Comptroller of Currency, U.S. Department of Homeland Security, U.S. Secret Service and the Financial Services Sector Coordinating Council have encouraged FS-ISAC membership. The Treasury and DHS rely on FS-ISAC to disseminate critical information to the financial services sector in times of crisis.
In the alliance, FS-ISAC offers a discounted annual fee on a basic membership for credit unions that have a cyber insurance policy through CUNA Mutual Group. Twenty percent savings on new memberships and 10 percent on renewals are available. CUNA Mutual Group has been offering risk management/insurance cyber-related loss exposures since 2010 and continues to focus on providing leading cyber insurance solutions to policyholders. The company now provides a cyber insurance solution to more than 1500 credit unions.
“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.”
CUNA Mutual Group was founded in 1935 by credit union pioneers, and our commitment to their vision continues today. We offer insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStageTM-branded consumer insurance products; and investment and retirement services to help our customers succeed. More information is available on the company’s website at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.