Security

Cyberdefense Safeguards Credit Unions Against Threat Landscape [#Infographic]

The financial services industry should prioritize cybersecurity or continue to face millions of dollars in data loss each year.

Meg Conlan-Donnelly

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Meg is an editor for the CDW family of technology magazine websites.

Internal and external cybersecurity threats lurk around every corner, and financial services are particularly vulnerable.

According to information gathered by CDW and shared on its FinTalk blog, 84.4 percent of credit unions suffered a local data breach within the past two years. Website breaches and cyber espionage accounted for 35 percent and 22 percent of thefts, respectively, while another 36 percent of breaches stemmed from employees’ inadvertent misuse of data.

On the whole, data breaches cost the credit union industry $31 million in the year 2014 alone. But the National Association of Federal Credit Unions says that taking basic measures, such as encrypting sensitive data and testing security, can help mitigate risk.

Check out the full CDW infographic below to learn more about the financial impact of cybercrime and ways businesses can guard against threats.