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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.

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Tina Orem

 

Credit Union Times

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