Data Breach Losses Adding Up: Onsite Coverage

SAN FRANCISCO – Credit unions face reputation damage, increased operational
costs, lost revenue, lawsuits and regulatory scrutiny in the event of a
security breach, according to Jay Isaacson, director of Product Management
for Credit Union Protection at CUNA Mutual Group.

He said during a session Wednesday at America’s Credit Union Conference
Wednesday that credit union data-related loss has occurred in fraudulent
remote funds transfers.

“We’ve seen losses as much as seven figures in this area,” Isaacson said.

Fraudulent loans and online banking transactions have also caused major
losses.

In 2013, 63,437 known cyber incidents occurred, caused mostly by hacking
and malware, according to the Verizon 2014 Data Breach Investigation Report.


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Source:
http://www.cutimes.com/2014/07/03/data-breach-losses-adding-up-onsite-coverage
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