SNC Spotlight

Insurance can be complex. Turn to our blog for up-to-date, relevant content to help you make the best decisions for your financial institution. With expert knowledge from seasoned industry professionals, we simplify insurance topics so you can get back to business.
All Posts

Safety Through Security

Safety Through Security:

Because Cybersecurity Awareness Isn't Just for October

 

In October, security organizations around the world have focused extra efforts on cybersecurity awareness, urging individuals and businesses of all types and sizes to pay attention to and examine their systems and their daily habits in every area of online life.

Cybersecurity Awareness Month (CSAM) was launched by the National Cyber Security Alliance and the U.S. Department of Homeland Security (DHS) in October 2004 as a broad effort to help all Americans stay safer and more secure online.

While this year’s observance may be coming to a close, it’s important to remember to keep the ideas emphasized this October top of mind all year long. 

 

Did You Know: 

  • The average total cost of a data breach in 2020 was $3.86 million and took an average of 280 days to identify and contain. (IBM)
  • The use of new breach techniques has boomed as a result of the COVID-19 pandemic, with 35% of breaches having leveraged new techniques in 2020. (Cynet)
  • 88% of data breaches are caused by human error. (Tessian)
  • 61% of data breaches used compromised credentials, and phishing attacks account for more than 80% of reported security incidents. (Verizon Data Breach Investigations Report)

The situation especially impacts the financial industry:

  • Although only 6.5% of breaches were suffered by financial services firms, those incidents comprised 61.7% of affected information. (Bitglass)
  • The NCUA further warns that smaller financial institutions with less than $35M in annual revenue are especially vulnerable to hacking, malware, and ransomware attacks.

 

Because financial institutions are disproportionately impacted — and the consequences of breaches in this area are so consequential — carefully vetting business partners and partnering with other businesses that share your vigilance is critical.

Here at State National, the security of our customer data is incredibly important — it’s a critical factor in our business and the service we provide to our clients. Our security team is on a mission to not only meet but exceed all security standards — often well past what others think is strict enough.

 

“Security threats don’t stop when the whistle blows at 5 p.m. and hackers don’t take vacations,” says Michael Weiskircher, State National’s CIO, “so protecting against attacks has to be an ongoing, real-time process of fixing vulnerabilities immediately.”

ongoing cybersecurity_S

 

Our security team is constantly monitoring every variable and system to stay on top of all new vulnerabilities as soon as they are identified. There’s no waiting for patch day or weekly updating — we’re monitoring and assessing security 24 hours a day.

Another thing that makes State National a leader in terms of network and data security is our status as part of the Markel family of companies. The strength of Markel and their security teams coupled with access to the security tools and resources of a multi-billion dollar, multinational insurance holding company adds yet another layer of protection when it comes to keeping sensitive client data securely locked down.

So, while the threat of cybercrime in our world is certainly real, it’s nice to know that you can focus your efforts on other actions, like practicing good password hygiene, being savvy about not clicking on “phishy” links, and keeping cybersecurity at the forefront of your mind as you connect daily — and rest easy knowing that when it comes to your portfolio protection program, State National has you covered.

For ways on how organizations and individuals can incorporate cybersecurity best practices into their decision-making processes, visit www.cisa.gov/cybersecurity-awareness-month.

Do Your Part. #BeCyberSmart

 

 

 

Lynn Hess
Lynn Hess
Lynn Hess is Sr. Content Marketing & Communications Strategist at State National Companies in Bedford, TX, where she helps create a variety of multichannel content on financial topics related to banking, credit unions, insurance, and beyond. Her goal is to provide valuable and relevant information to clients, prospects, and others in the industry and contribute to State National's thought leadership position. She is also a founding member of the SNCares charitable committee.

Related Posts

Strategic Insights for the Modern Credit Union

Addressing Challenges, Seizing Opportunities

Your Partner in Protection: Compliance Without Compromise

Compliance You Can Trust, Transparency You Can See Balancing risk management and regulatory compliance while maintaining strong borrower relationships is no easy task. At State National, we understand the weight of this responsibility. Protecting your financial institution, your borrowers, and your reputation is at the core of our work. That’s why our mission is to deliver industry-leading portfolio protection solutions anchored by innovative technology, unmatched transparency, and steadfast reliability. How State National Ensures CPI Compliance At State National, compliance isn’t just a priority, it’s built into everything we do. We know lenders face mounting challenges, including economic uncertainty and heightened regulatory scrutiny. That’s why we’ve developed a comprehensive approach that goes far beyond checklists; it’s about operating with integrity and ensuring our programs exceed regulatory and operational expectations. Industry Expertise You Can Rely On Regulatory Expertise: Our skilled team actively monitors federal and state-level mandates to ensure your program remains compliant. Whether it’s evolving regulations or precise documentation requirements, we’ve got you covered. In-House Compliance Department: Our on-site team employs strict, measurable quality control processes. Proactive Adherence: This same dedicated team manages over 50,000 regulatory filings annually, helping you stay ahead of federal and state mandates, including guidance on NCUA, CFPB, and other key industry regulations. Comprehensive Audits: Our meticulous audits and legal reviews ensure your institution is prepared not just for current regulations but also for future challenges. Proven Reliability: State National achieved the prestigious 'A' (Excellent) rating from AM Best the very first year we were eligible, and we have held that rating for 30+ consecutive years — a testament to our exceptional financial strength and dependability. Future-Forward Research: We actively collaborate with industry organizations and regulatory bodies to anticipate and adapt to upcoming compliance changes, ensuring you and your organization are always ahead of the curve. Comprehensive Risk Management Our industry-best risk management services go above and beyond to protect your institution, ensuring compliance every step of the way. From data security to borrower communication, we incorporate rigorous measures, including bulletproof audit trails and prevention-focused processes, to safeguard against potential missteps. Accurate, prevention-first approach reduces unnecessary borrower touches. Focused portfolio protection expertise with decades of specialized experience. Complete audit trails for ongoing compliance visibility. Proper licensing for all State National claims adjusters to ensure claims are always handled in accordance with required regulations. Ongoing annual training for all relevant employees on the proper handling of PII, Fair Claims Handling, best practices for data security and controls — phishing, quishing, physical security both in and out of office, and more. Borrower submission of insurance information directly to us minimizes the risk of lost documentation. As the only dedicated portfolio protection provider that is also the underwriter, we don't act as a broker like other providers do — we are able to streamline communication and eliminate unnecessary handoffs and information sharing. Taking the Extra Step at Every Step Because every state department of insurance operates differently, we've also gone above and beyond to meet each state's unique regulatory standards. We create state-specific notices tailored to these requirements, and also carefully develop all of our borrower notice cycles to align with each state's precise notification guidelines. Advanced Technology Tools for Simplified Compliance Solutions Staying compliant in a rapidly changing financial environment requires advanced tools and forward-thinking innovation. That’s why State National integrates advanced technology into every facet of portfolio protection, designed to simplify compliance while improving efficiency and control. Our proactive approach ensures that the vast majority of insurance updates — about 79% — are handled completely behind the scenes, with no lender or borrower involvement. We employ extensive automation to maximize accuracy and efficiency, including our well-established EDI process, cutting-edge AI tools including insurance search and verification technology, Intelligent Document Processing (IDP), automated text and email notifications, and more. What Does Technology Have To Do With Compliance? Because of the unprecedented speed and accuracy of these automation efficiencies, our fast, effective, low-touch resolution reduces the risk of uninsured borrowers while enhancing operational precision. With 97.5% of borrower insurance issues completely resolved prior to any certificate placement, your institution avoids the compliance pitfalls that come with false placements. The InsurTrak Advantage In addition, our proprietary InsurTrak platform simplifies insurance tracking and reporting, giving you the tools needed for real-time program oversight, clear audit trails, and automated accuracy to prepare for any internal or external review. InsurTrak also automates payment changes, adds, and refunds, heightening speed and accuracy and avoiding the slowdowns and errors that come with manual processing. InsurTrak’s transparency is unmatched by any other insurance tracking platform — you can see real-time borrower data and a complete borrower history, see any communication including chat logs, and even listen to recorded borrower calls on-demand, right in the system. All of the information you need is at your fingertips — you are never in the dark. Proven Reliability Through Experience Over more than five decades, we’ve built a legacy of reliability, with a commitment to providing consistent excellence. From our implementation team that draws on years of expertise to make every transition seamless, to our highly responsive dedicated Client Executives and Account Reps who know your individual program inside and out, we do everything we can to ensure every partnership is successful. When you work with State National, you gain more than just a portfolio protection provider; you gain a partner whose focus is safeguarding your institution’s long-term success.

SNCares 2024 Recap

Community, Care, and Connection: SNCares Year in Review From grants to giving hands, here are some of the ways we made a difference in 2024 At State National, giving back isn’t just something we do — it’s part of who we are. That’s one of the reasons we created SNCares, a companywide committee dedicated to service and philanthropy. Over the past year, we’ve had the privilege of partnering with dedicated organizations and contributing to meaningful causes that uplift our communities. From grants and donations to hands-on volunteering, our dedicated team members embraced hundreds of opportunities to make an impact. The stories shared here are just a glimpse of the meaningful work we accomplished together, both as individuals and as a company, throughout the year. We hope you enjoy this snapshot of the many ways we came together in 2024 to make a difference and help create a brighter future for those around us!