The NAFCU Journal March - April 2018 - 18

WASHINGTON AND INDUSTRY BRIEFS

Cybersecurity: Into the Breach

I

t may be hard to believe that the
massive Equifax data breach,
which compromised more than
140 million private customer
records, including credit card numbers,
occurred just last May - almost a full
year ago. The impact of that breach is
still felt today.

Establishing and maintaining cybersecurity has never been more important.
That importance will only grow as new
generations of members entrust more
and more of their financial lives to
cloud-based services - services that
are highly appealing targets for criminal hackers.
A recent NAFCU Economic & CU Monitor survey showed that respondents were,
not surprisingly, most concerned about
the potential for a future credit union data
breach, with 63 percent indicating they
are "very concerned" that an Equifax-type
breach could happen to them.
The concerns do not stop there, however.
Respondents were also significantly
concerned about the impact of breaches
that could affect a range of partners
and affiliated businesses: merchants (58
percent were "very concerned"), thirdparty vendors (50 percent) and payment
processors (46 percent).

Which of the following services is your credit union
offering to members exposed in data breaches?
Member education
Identity theft insurance
Identity recovery services
Credit protection services
Credit score monitoring
Other
0%
20%
Source: NAFCU Economic & CU Monitor Survey
Driven by these concerns, many credit
unions have been proactively shifting
staff and budgets toward information
technology (IT) safeguards. (Sixty-four
percent of respondents have hired a
chief information security officer to
focus exclusively on cybersecurity.)
More than 9 percent of survey respondents' overall operating budget is
currently devoted to IT/cybersecurity.
All respondents expect an additional
increase that ranges from "moderate"
to "significant" in their IT/cybersecurity budget over the next five years. In
addition, all survey participants have

40%

60%

80%

invested in cybersecurity insurance
policies, despite the rising costs of
these policies.
As far as we know, the Equifax breach,
which wasn't reported until midSeptember, was the largest data breach
of 2017. Unfortunately, it was not the
only data breach. It most certainly
won't be the last. Constant vigilance,
along with additional increases
in credit union IT/cybersecurity
resources and expenditures, will
remain a high priority throughout
2018 and beyond.

NAFCU Welcomes New Members
■■

18

UT Federal Credit Union, with $268.7 million in assets
(Knoxville, Tenn.)

■■

Rockford Bell Credit Union, with $32.2 million in assets
(Loves Park, Ill.)
THE NAFCU JOURNAL  MARCH-APRIL 2018



Table of Contents for the Digital Edition of The NAFCU Journal March - April 2018

Conferences
From the Chair
Your Washington Watchdog
Advocacy Snapshot
Washington and Industry Briefs
Growth Strategies
Understanding Risk and Managing It
The Board of Directors
Best-of-Class Strategies for Retaining Top Talent
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal March - April 2018 - Cover1
The NAFCU Journal March - April 2018 - Cover2
The NAFCU Journal March - April 2018 - 1
The NAFCU Journal March - April 2018 - 2
The NAFCU Journal March - April 2018 - Conferences
The NAFCU Journal March - April 2018 - From the Chair
The NAFCU Journal March - April 2018 - 5
The NAFCU Journal March - April 2018 - Advocacy Snapshot
The NAFCU Journal March - April 2018 - 7
The NAFCU Journal March - April 2018 - Washington and Industry Briefs
The NAFCU Journal March - April 2018 - 9
The NAFCU Journal March - April 2018 - 10
The NAFCU Journal March - April 2018 - 11
The NAFCU Journal March - April 2018 - 12
The NAFCU Journal March - April 2018 - 13
The NAFCU Journal March - April 2018 - 14
The NAFCU Journal March - April 2018 - 15
The NAFCU Journal March - April 2018 - 16
The NAFCU Journal March - April 2018 - 17
The NAFCU Journal March - April 2018 - 18
The NAFCU Journal March - April 2018 - 19
The NAFCU Journal March - April 2018 - Growth Strategies
The NAFCU Journal March - April 2018 - 21
The NAFCU Journal March - April 2018 - Understanding Risk and Managing It
The NAFCU Journal March - April 2018 - 23
The NAFCU Journal March - April 2018 - 24
The NAFCU Journal March - April 2018 - 25
The NAFCU Journal March - April 2018 - The Board of Directors
The NAFCU Journal March - April 2018 - 27
The NAFCU Journal March - April 2018 - 28
The NAFCU Journal March - April 2018 - 29
The NAFCU Journal March - April 2018 - 30
The NAFCU Journal March - April 2018 - 31
The NAFCU Journal March - April 2018 - 32
The NAFCU Journal March - April 2018 - 33
The NAFCU Journal March - April 2018 - Best-of-Class Strategies for Retaining Top Talent
The NAFCU Journal March - April 2018 - 35
The NAFCU Journal March - April 2018 - 36
The NAFCU Journal March - April 2018 - 37
The NAFCU Journal March - April 2018 - 38
The NAFCU Journal March - April 2018 - 39
The NAFCU Journal March - April 2018 - Executive Spotlight
The NAFCU Journal March - April 2018 - 41
The NAFCU Journal March - April 2018 - Management Insight
The NAFCU Journal March - April 2018 - 43
The NAFCU Journal March - April 2018 - Compliance Central
The NAFCU Journal March - April 2018 - 45
The NAFCU Journal March - April 2018 - Inside NAFCU Services
The NAFCU Journal March - April 2018 - 47
The NAFCU Journal March - April 2018 - From the President’s Desk
The NAFCU Journal March - April 2018 - Cover3
The NAFCU Journal March - April 2018 - Cover4
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