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Data Security: Internal & External Risk Factors

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BY BRIAN BERGLUND

Are your credit union’s data security measures up to snuff for 2016? If last year is any indication, the financial industry needs to be on high alert for breaches, both internal and external. There are four major data leak points that your CU should be focusing on. Find out what they are.

Nearly every industry from A to Z, including healthcare, the IRS, hotels, prisons, universities, retail, credit agencies, the FBI, brokerage firms, pharmaceuticals, national security/surveillance and, yes, financial institutions,has been impacted by data breaches at some point during the past year. Unfortunately, 2015 ends withthe all-time high of732 data breaches exposing 176,325,059 records.(1)

According to Paul Ausick from 24/7 Wall Street, as of mid-December, 66 breaches occurred in the banking/credit/financial industry. These breaches exposed more than 5,000,000 records,which is nine percent of the total number of breaches for the year and 2.9 percent of the records exposed.

With the turn of the new year, it is no surprise that companies are on alert. They are ramping up their data security from both inside the company and from outside hacker sources.

Security risks and attacks occur in many forms, both internally and externally. Cyber attacks, phishing (social attacks) and malware are the largest threats from outside the company, as experienced recently by the following businesses.

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
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