5 reasons to consider Cyber ERM Insurance for your Credit Union

By March 1, 2017Blog, News

With cyber security widely recognised as a key threat to financial institutions, Credit Unions are increasingly focussed on data governance and Cyber Risk management. Royal Bank of Scotland now spends upwards of £150 million per year on data security; therefore how Credit Unions respond to the increasing threat of cyber-crime is of critical importance.

  1. Hackers are increasingly targeting smaller, more vulnerable companies – and financial institutions are a primary target due to the amount of personal information held.
  1. As technical controls and protections get better, bad guys are looking for the easiest way to compromise an organization. They look at the human factor. How do you deal with that? It is tough in a member-focused culture; your people want to be helpful, but that’s exactly what can make them vulnerable to a cyber-attack.
  1. Just applying for Cyber ERM Insurance actually increases your readiness to deal with an attack. Why? Underwriters conduct a thorough assessment of your defences and highlight any gaps before providing a quotation. For example, do you have breach intrusion software in place?
  1. Cyber ERM Insurance arranged by CUNA Mutual protects Credit Unions from costs and damages arising from;
  • Loss, breach or theft of members personal information, legal costs and reputation management,
  • Breach of privacy damages and expenses,
  • Network security damages and expenses – Malware, Hacking, Denial of Service, Unauthorised Use or Access. Data corruption or destruction,
  • Cyber extortion expenses,

And it provides you with 24/7 access to a Cyber Incident Response Team to help you manage the incident through to resolution.

  1. If you would value legal, regulatory, forensic investigation, data recovery and restoration, public relations, crisis communications, fraud consultation, identity theft monitoring and credit monitoring solutions in the event of a data breach – CUNA Mutual can help.

Bottom line: breaches are becoming part of everyday life in financial institutions. Defending against them is of course vital. But – in the event they occur despite your best defences – getting help cleaning up the mess just may be crucial. That’s where Cyber ERM Insurance provided by CUNA Mutual comes in.