Tuesday, March 10, 2015

Data Security: We're Collaborating with FS-ISAC to Support Credit Unions

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. We are excited to collaborate 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.

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.

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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,” 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. 

“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.”