Data security breaches are occurring with such frequency that they have become embedded in the public consciousness. But the epic lapse at Equifax, affecting more than 145 million consumers, proves more than any other the need for accountability for the people and organizations that handle and retain consumers' sensitive personal and financial data.
The past few years have brought an alarming jump in the number of data breaches. Remember Target? That breach – one of the total 614 breaches reported in 2013 by the Identity Theft Resource Center – cost the nation's not-for-profit, member-owned credit unions an estimated $28 million in costs for card replacement and making their members whole. Last year, the center reported 1,092 breaches. This year, the total had reached 1,202 by late November.
Credit unions are feeling the brunt of this trend.
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.