This article was originally published by CUtoday on October 8th 2022
Even as more banks and other financial institutions take steps to boost their budget allocations for improved cybersecurity, the risk of an attack continues to grow.
According to IBM’s most recent report, the average cost of a data breach is $4.35 million per company. Cyber threats have become so pervasive that annual global cybercrime costs are estimated to grow to $10.5 trillion by 2025.
These troubling statistics spell bad news for credit unions, which are particularly vulnerable. According to some reports, 66% of credit unions and 88% of their associated vendors lack the proper security to prevent attacks. This year has also been the worst phishing year yet with millions of unique phishing websites launched in the second quarter.
Read the full article “How CUs Can Prevent Brand Impersonation” on the CUtoday website.
