WASHINGTON – For financial institutions, dealing with data security breaches takes time, money and manpower.
NAFCU recently surveyed its members on the issue for its monthly Flash Report. What it found was that 25% of members surveyed dedicated 51-100 hours dealing with data security breaches. One-third responded that they worked more than 100 extra hours due to security breaches. Five percent hired additional help to cope with the growing problem and another 10% plan to.
Another quarter said they did not have to devote any time to security breaches.
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Of credit unions experiencing security breaches last year, 62% spent less than $10,000 to remedy the situation. Thirty-six percent spent between $10,000 and $100,000 and 2% forked out over $100,000.
More than two-thirds (69%) issued new credit, debit and/or ATM cards in 2005, because of security breaches.
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