X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Fiduciary and crime insurance does not cover some of the most significant risks banks face, including ransomware, phishing attacks and data breaches. Many credit unions still do not have comprehensive cyber risk coverage. (Credit: DragonImages/Adobe Stock) Fiduciary and crime insurance does not cover some of the most significant risks banks face, including ransomware, phishing attacks and data breaches. Many credit unions still do not have comprehensive cyber risk coverage. (Credit: DragonImages/Adobe Stock)

The digital revolution was well underway prior to the pandemic, but now it has pushed virtually all service businesses to go online and utilize new technology to be more convenient and faster.

The same is true for credit unions. To retain and attract customers from a cashless generation, a strong digital strategy is a must. This requires a host of new digital entry points for customers, which, in turn, greatly increases the firm’s attack surface. Cybercriminals have an array of options to target including websites, apps, and ATMs, and a slew of new software. Essentially, credit unions now have a brand new set of digital risks to manage. We recently reported that the financial services industry saw a 31% increase in digital fraud attempts from 2020 to 2021.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.