A site dedicated to providing credit unions with relevant news and information related to security and information technology.
Friday, January 30, 2015
Data Breaches Affect Credit Unions More Compared to Large Banks
The breach of data at retailers like Staples, Target and Home Depot have a crippling effect on the member services of the credit unions, namely as the expense of ensuring the privacy of customers post breaches is the responsibility of non-profit financial institutions. As one example, the Desert School Credit Union, in 2013, was forced to reissue about 40,000 credit and ATM cards after a data breach.
CUNA, which claims to represent almost 90 percent of total US credit unions numbering almost 6,700, has plans to push the issue to the Congress and also seek the legislation to protect the values of members. The Dodd-Frank legislation also impacts the credit unions.