The increasingly digital nature of credit union operations and the nearly constant news of hacking incidents are fueling demand for cyberliability insurance – coverage that protects against data breaches and network attacks – but credit unions are quickly discovering, sometimes the hard way if they’re not careful, that those policies require special attention.

With the average cost of a data breach hitting $6.5 million last year – up more than 10% from 2013 – according to the Ponemon Institute, it’s no surprise credit unions want to mitigate that risk. But credit unions often don’t understand what they’re buying when they purchase cyberliability insurance, experts say, and sometimes they don’t realize their policies may have sublimits that could mean substantially lower than expected payouts under certain circumstances. Credit unions also often fail to shop around, falsely assuming cyberliability policies are generally the same. The result can be higher than necessary premiums and unpaid or underpaid claims.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?

Tina Orem


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.