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NAFCU’s cybersecurity industry survey reveals Equifax damage

WASHINGTON, DC (November 21, 2017) — Today, the National Association of Federally-Insured Credit Unions (NAFCU) released a November Economic & CU Monitor that reveals a staggering majority of credit unions fear another Equifax-like breach is on the horizon, with 20 percent reporting they have reissued cards in order to protect members’ financial information following the breach.

The Monitor surveys credit unions each month on key industry concerns. Below are key findings from the November Monitor and survey results, with the full report attached.

Special Topic – Cybersecurity

Regarding the Equifax data breach, 63 percent of credit union respondents indicated that they are “very concerned” about another Equifax-type breach.
According to the Monitor, 20 percent of respondents had to reissue cards due to the Equifax breach.

Credit union survey respondents were also concerned about the threat of a merchant data breach, with 58 percent indicating they were “very concerned.”

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.

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

Also included in the Monitor are the results from the November Credit Union Sentiment Index, an index 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. Loan growth exceeds 10 percent despite slowdowns in the housing and auto markets.
Economic data remains uneven due to the disruptive effects of major hurricanes in September.

MEDIA AVAILABILITY

WHO: NAFCU Chief Economist and Vice President of Research Curt Long

WHEN: Tuesday, Nov. 21, 2017 Please send press inquiries to press@nafcu.org

About NAFCU

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.