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Congress Working on Several Bills to Curb Data Security Breaches; Credit Unions Hope to Bring Down Costs

WASHINGTON - For financial institutions, dealing with data security breaches takes time, money and manpower.

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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.

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