Many credit unions lack adequate security budgets. Cyber insurance can fill the risk gap.
In 2014, 73% of companies have the necessary safeguards in place, compared to 67% in 2013.
Public relations, competition and unwanted scrutiny from regulators are preventing cyberattack information sharing.
Read about the fraught nature of the third-party vendor relationship in credit union cybersecurity and compliance.
Most credit unions keep sensitive personal information in their files–names, Social Security numbers and account data–that identifies customers and employees. When sensitive data falls into the wrong hands, it can lead to fraud and identity theft.
A new survey found that hack attacks on small and medium-sized businesses are usually successful and that the money often is not recovered.
Security vendor says commissioned survey finds three-fourths of SMBs have experienced electronic banking fraud and that many change financial institutions afterward.
More than half of the small and medium businesses participating in a recent study said they have been victimized by fraud in the past year.