LAS VEGAS — Credit unions will likely be facing higher IT security expenses late this year as they implement new NCUA e-commerce procedures affecting online banking, according to the CEO of the $2.3 billion Pennsylvania State Employees CU.
Greg Smith, president of the $2.3 billion Harrisburg-based PSECU, said his CU has already figured it is spending $1 million a year on IT security which he calls "our own kind of milestone" adding he suspects other CUs with similar operations will be sharing the prospect of higher costs.
Smith, who spoke at a breakout session at the annual National Directors' Convention here, said PSECU began preparing for the so-called "multi-factor authentication" rules in 2004 though the guidelines were first issued by bank and CU regulators in 2001.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
