As concerns over data breaches continues to grow, national safeguards and standards must be established to protect credit unions and their members.
Data security breaches are a serious problem for both consumers and businesses. Credit unions also bear a significant burden as they incur steep losses in order to reestablish member safety after a data breach occurs, whether online or otherwise. A February 2015 NAFCU survey reports credit unions, on average, spent $136,000 on data security measures and $226,000 in costs associated with merchant data breaches in 2014.
How This Impacts You
Despite the fact that many financial institutions have implemented sophisticated and effective data security (including cybersecurity) safeguards, attackers are constantly adapting to evolving technology and find new ways to access systems. Credit Unions must make efforts to stay one step ahead to protect their members. In addition, all entities – not just financial institutions – that handle consumer information must comply with comprehensive federal data protection standards.
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Urge your representatives to support a strong national standard of data security for all entities that handle sensitive consumer financial information.