Real Costs of Data Breaches Still on the Rise

Data breaches are an everyday occurrence and sadly, becoming the new norm. With so many being reported, many consumers are beginning to feel breach fatigue and are concerned and left frustrated asking themselves, “What can I do?”

The convenience of credit cards outweighs the risk of carrying a fat wallet full of cash. There are also many incentives for credit card users with various loyalty programs in place so that they can earn cash back on their purchases. Convenience will always trump security for most consumers until the scale of theft and fraud reaches a new high.

Reputable credit unions typically cover the expenses related to security breaches and the economic fallout that follows. Because they are member-owned financial cooperatives and are controlled by its members, they are organized and structured to serve the people first. To keep their members happy, credit unions need to provide credit at competitive rates, which can be challenging when you factor in the additional costs of data breaches.