WASHINGTON – Credit unions are being offered discounted membership in the Financial Services Information Sharing and Analysis Center (FS-ISAC), the “gold standard” in risk and threat information sharing in data security and cyber-threats, through a new collaboration with CUNA Mutual Group.
CUNA Mutual noted that a study by the Ponemon Institute in 2014 found that 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. 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% in 2013 to 26% in 2014, the company noted.
“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, in a released statement. “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.”
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% 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 said it now provides a cyber insurance solution to more than 1500 credit unions.
For info: www.cunamutual.com.