Cyberthreats are everywhere, and while they may be inevitable, their impact can be manageable. Institutions who are prepared for cybersecurity disruptions are proactive and collaborative about their response. This episode of the Forward Thinking Podcast features FCCS SVP of Marketing and Communications Stephanie Barton, Lisa Parrinello, FCCS VP of Risk Management & Insurance Services and Naomi Baumann, FCCS VP of Claims & Insurance Services. Together they discuss how Farm Credit's Captive Insurance Company is helping institutions strengthen their cyberdefenses and what boards of directors need to know to stay ahead of the cybersecurity game. 

 

Episode Insights Include:

 

The bigger picture of cyberthreats

• Cyberthreats used to be considered an IT-only problem, but that isn't the case anymore. 

• These enterprise-wide issues demand board-level attention. 

• Ransomware, extortion, targeted financial systems and AI deep-fake impersonations are some of today's biggest cyberthreats. 

• The goal today isn't just protection, it's resilience.

• A prepared institution can respond and recover from cyberthreats no matter where they hit. 

 

The role of Farm Credit's Captive Insurance Company

• As the captive, they provide institutions cyber insurance and management services that go beyond what commercial insurance markets can offer. 

• They offer tailored protection designed specifically for the unique cooperative structure of Farm Credit. 

• Collaborative claims management proactively responds to any incident or threat of incident. 

• Their strategic access to commercial markets allows them to purchase insurance as well. 

• Over the years, Captive has saved an average of $50 million in insurance coverage. 

• Consistent system-wide learning whenever instances occur. 

 

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