SAN ANTONIO-Cyber security is only going to become a bigger issue for credit unions, which is why SWBC is preparing to roll out a special insurance program aimed specifically at cyber fraud.
"We believe cyber security is going to be the leading problem of credit unions claims going forward," said Nick Grant, CEO of SWBC Insurance Services' property and casualty division. The firm already has a special suite of cyber security products and services that's been in the works for some time, and hopes to roll out the new program in the next 30 to 45 days.
"Credit unions continue to diversify their portfolios," added Brett Morgan, SWBC Insurance Services SVP. "They are making more real estate loans, more commercial loans; they are making loans in different ways. The more you diversify, the more chances you have for fraud."
