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More than 60 percent of credit unions are “extremely concerned” about the possibility of another Equifax-type data breach.
That’s according to a new report released this week by the National Association of Federally-Insured Credit Unions, which found that the threat of merchant data breaches – such as those at Target, Home Depot, Michaels and countless others – continues to keep CU leaders awake at night. Fifty-eight percent of survey respondents said they remain “very concerned” about that possibility.
Among other highlights of the report:
- 20 percent of respondents have had to reissue credit and/or debit cards in the wake of the Equifax breach
- At least 9 percent of all respondents' budgets are currently devoted to cybersecurity
- 100 percent of respondents expect “moderate” or “significant” increases to IT/cybersecurity budgets within the next five years
- 64 percent have hired a chief information officer to focus exclusively on managing cybersecurity concerns at their credit union
- 50 percent of respondents say they are “very concerned” about breaches at third-party vendors
- 100 percent of respondents have invested in cybersecurity insurance policies for their credit unions
- 72 percent said cybersecurity insurance policies have become more expensive in recent years
