Cybercrime now costs the world an estimated $600 billion, or 0.8 percent of global gross domestic product, according The Economic Impact of Cybercrime report from the Center for Strategic and International Studies and McAfee. That’s up significantly from the previous version, which put global losses at close to $500 billion back in 2014.
Looking at video surveillance devices in particular, they are like any other device attached to a network. If they are not configured and locked down properly, they can be a point of vulnerability for someone to hack into a credit union’s network and access data transferred over that network. It’s not so much that people would tap into the video network to see views from the cameras themselves. That is possible, but the bigger target is typically customer data.
Protecting customer data has always been a priority for credit unions, but never have the stakes been higher. With the cost of a single data breach averaging $3.2 million, and per-record costs averaging $336 in heavily regulated industries like banking, according to the 2017 Cost of Data Breach Study, sponsored by IBM Security and conducted by Ponemon Institute LLC, the financial impact can be considerable. And that’s before factoring in the amount a credit union will likely spend on legal and investigation fees following an attack.
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