Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
CUNA Mutual enhances cybersecurity insurance
MADISON, Wis. (3/21/12)--CUNA Mutual Group has enhanced its Cyber & Security Incident (CSI) insurance package by adding a new online resource. It provides policyholders with front-end education and awareness of cyber liability and data breach risks, and access to a "Breach Coach" and other remediation tools should a breach occur.

CyberRisk Hub will go live April 2, but credit unions got a sneak peek at it this week during the Credit Union National Association (CUNA) Governmental Affairs Conference in Washington, D.C.

The website is available at no additional cost and offers policyholders resources to identify, measure and manage cyber liability and data breach exposures, said Brad Mundine, CUNA Mutual senior manager of risk management.

"CyberRisk Hub offers the latest cyber-related news, articles, best practices, white papers, blogs, and various risk management and compliance tools," he said.

It also offers loss mitigation information in the event of a data breach, and a Breach Coach and Incident Roadmap.

The Breach Coach feature will provide users with information needed to notify CUNA Mutual of a potential data breach, along with contact information at Kroll Fraud Solutions to help assess the breach.

The Incident Roadmap provides a high-level overview of services offered in Kroll's Professional Service Agreement, which is made available to all CSI policyholders.

Credit unions can access CyberRisk Hub from CUNA Mutual Group's online Protection Resource Center, with no additional login required.

The CSI Package, introduced in October 2010, pairs a broad insurance policy with two levels of critical data breach services to protect credit unions and their members in an internal data breach that compromises sensitive member data. CSI now protects roughly 300 credit unions, CUNA Mutual said.

"The evolution of the cyber world and virtual servicing are creating an emerging set of new risk exposures that can damage a credit union's reputation, shake members' trust, and cost tens of thousands of dollars to repair," Mundine said.

CyberRisk Hub adds online tools and resources to help credit unions develop a proactive approach to managing and responding to cyber risk.
Other Resources

RSS print
News Now LiveWire
.@TheNCUA :Low-income CUs can expand services to members, train staff,collaborate for efficiencies w/more than $1M in grants awarded 2day
5 hours ago
.@CUNA joins 11 other financial service orgs urging @SenateFloor to take up #CISA to strengthen cybersecurity information sharing
6 hours ago
.@RedwoodCU and its staff donated a combined $5,100 toward AIDS Walk San Francisco. The CU is a longtime sponsor of the event.
6 hours ago
See the latest from @CUNA's CompBlog on Customer Due Diligence. http://t.co/rzOzDUpNMT
6 hours ago
New #FinCEN proposal would strengthen, clarify due diligence obligations for financial institutions. http://t.co/2yxVUXCrYA
6 hours ago