LAS VEGAS – Knowledge and awareness of fraud is the biggest deterrent to the threats credit unions face today, and they must implement comprehensive identity theft recovery management programs. That's according to a breakout session on cybersecurity and data breach preparedness at the Drive '15: CU Direct Lending & Marketing Conference Thursday in Las Vegas.

Citing the Privacy Rights Clearinghouse, Mark Pribish, vice president and identity theft practice leader for the Phoenix, Ariz.-based Merchant Information Solutions, said there have been 4,503 breaches since 2005, and 70% are related to social engineering, with the other 30% related to hacking from outside organizations. In addition, he said data breaches cost organizations $201 per lost customer record, according to the Ponemon Institute.

Pribish also said credit unions need to educate their members about identify theft at small businesses – a key target for hackers. The best defenses against small business identity theft, he said, are web filtering, security software, and employee and customer education. He added that it's critical for credit unions to be familiar with the security breach notification laws in the states where their members reside, so they can be clear on how to notify members and employees should a breach occur.