Credit union policyholders with a cyberinsurance policy at CUNA Mutual Group will be able to join the Financial Services Information Sharing and Analysis Center at a substantially reduced rate, thanks to a March 10 agreement between the insurer and the cybersecurity non-profit.
CUNA Mutual executives attending CUNA's Governmental Affairs Conference in Washington said the insurer had roughly 1,500 credit union cyberinsurance policies and have had claims. However, executives declined to specify how many.
The 5,200-member FS-ISAC is the leading platform for information sharing about cybersecurity threats among financial institutions. Credit unions with fewer than $1 billion in assets will be able to obtain a basic membership to FS-ISAC at a 20% discount from the normal $250 price and 10% off each year's renewal, the member-owned non-profit said.
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"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," Bill Nelson, president/CEO of FS-ISAC said.
"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," Isaacson added.
The Department of the Treasury, Office of the Comptroller of Currency, 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.
Nelson explained the membership will bring a credit union more than just information, but also guidance and help in understanding it.
"You can decide what you need to see each day," he said, acknowledging the information flow can feel like drinking from a fire hose. "We also have a weekly summary of the week's information that contains information that community based organizations like community banks and credit unions would need to see."
Nelson added that a former executive with a community based financial institution prepares the weekly community financial institution summary.
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