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ECUM: 84% of CUs hurt by small breaches
View the data security infographic summarizing data from the October 2014 Economic & CU Monitor. |
NAFCU's latestEconomic & CU Monitorsurvey shows that a wide majority of respondents – 84.4 percent – have been impacted by a local data breach in the past two years, while large retailer breaches have exposed an average of 20.6 percent of member payment cards.
TheMonitorshowed that nearly all credit union respondents voluntarily implement NCUA best practices on IT security, including conducting penetration tests to identify vulnerabilities. A majority – 60.6 percent – have fielded cybersecurity questions from members, and 85 percent have fielded questions about the massive Home Depot data security breach, which affected more than 50 million debit and credit cards. A majority also plan to spend more on data breach costs in 2015 than they did in 2014.
The survey also showed that, among respondents who already offer mobile banking services, nearly all notify members through text messages or emails when funds become available.
NAFCU was the first financial trade association to call for a national retailer data security standard in the wake of the massive Target data breach last year and is also a member of the Payments Security Task Force, a diverse group of participants in the payments industry focused on EMV chip implementation, including ways to help reduce testing and implementation time.
The association is also pushing Congress to establish a bipartisan working group to develop legislative recommendations to address ongoing retailer breaches.
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