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Credit Unions Survey Cybersecurity Concerns

On Tuesday, the National Association of Federally-Insured Credit Unions (NAFCU) released its November 2017 Economic & CU Monitor.

The Monitor surveys credit unions each month on key industry concerns—this month the special topic is cybersecurity.

Majority of credit unions fear another Equifax-like breach in the future, the survey found, with 20 percent of respondents reporting they have reissued cards in order to protect members' financial information following the breach.

In light of the Equifax data breach, 63 percent of credit union respondents reported they are "very concerned" about a similar crisis occurring in the near future.

Additionally, 58 percent of credit union survey respondents answered “very concerned” about the threat of a merchant data breach.

The report notes that, “In efforts to address the growing threats of cyber intrusions, over 9 percent of respondents' overall operating budget is currently devoted to IT/cybersecurity, while all respondents expect an additional ‘moderate increase’ or ‘significant increase’ in their IT/cybersecurity over the next five years.”

Meanwhile, 64 percent of respondents say they have hired a Chief Information Security Officer to manage cybersecurity-related activities at their institutions.

The Monitor also incorporates the results from the November Credit Union Sentiment Index, which is based on NAFCU member responses to eight questions on growth and earnings outlook, lending conditions and regulatory burden.

“Credit unions continue to enjoy robust growth as an industry,” the report notes. “Loan growth exceeds 10 percent despite slowdowns in the housing and auto markets.”

To view the full report, click here.

About Author: Nicole Casperson

Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech's College of Media and Communications. To contact Casperson, e-mail: [email protected]

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