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Making Security Affordable

NCUA fraud and cybersecurity grant initiative provides opportunity for low income designated credit unions to beef up security measures.

By Roy Urrico | Updated on July 10, 2015

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.

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Roy Urrico

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.).

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