cybersecurityCredit unions pride themselves on building stronger, more personal relationships with customers than other financial institutions do. But relationships are built on trust, and a data breach is perhaps the fastest way to obliterate that trust.

Credit unions are no stranger to the severity of data breaches. They’re already struggling to cover the costs of securing customers’ financial information following a string of major merchant data breaches. A NAFCU survey found that credit unions spent an average of $226,000 and an estimated 1,600 hours in 2014 on debit and credit card fraud issues resulting from merchant data breaches.

NAFCU and other associations are working to change the laws to reduce the burden that merchant data breaches put on credit unions. Yet credit unions also have their own responsibility to keep up with the ever-changing threat landscape to protect the data privacy of both their customers and their own internal organizations.

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