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Credit unions are often prime targets for cyber criminals.

Credit unions and other organizations pay a hefty price, directly and indirectly, when a data breach affects their environment. The costs can arise from repairing damages to resurrecting tarnished reputations.

The “2018 Cost of a Data Breach” report, sponsored by IBM Security and conducted by the Ponemon Institute, reported the global average data breach expense at $3.86 million per breach. The average tab for each lost or stolen record containing sensitive and confidential information runs $148 per file. Costs vary and include hidden costs such as lost business, adverse effects on reputation and time spent by employees on recovery.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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