Fighting data breaches can be costly for credit unions, and one security firm – the Lubbock, Texas-based CoNetrix – is aiming to make protecting data more affordable, especially for organizations with fewer available resources.
Credit unions spent on average $136,000 on data security measures and $226,000 on expenses related to merchant data breaches in 2014, according to a February 2015 NAFCU survey. With this in mind, CoNetrix has created affordable security solutions scaled to meet the budgets of low-income designated credit unions thanks to an NCUA fraud and cybersecurity grant initiative.
"We understand the need for information security in all sizes of financial institutions," CoNetrix President Russ Horn stated.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
