by: Henry Meier
Verizon recently came out with its annual analysis of Data Breach Incidents Reports and it is a much read for at least one employee at every credit union. (http://www.verizonenterprise.com/DBIR/2015/?&keyword=p6922139308&gclid=CJXf_83Z-sQCFQqOaQodiIwAyw).
How effectively you deal with data breaches is an increasingly important factor in determining your credit union’s bottom-line. Verizon’s report is the best I have seen when it comes to providing an objective analysis of data breach trends. Here are my takeaways from the report:
Is greater information sharing the answer? One of the best ways to mitigate the negative consequences of data breaches is to get the word out about compromises as quickly as possible. We need more sharing of information. But rather than facilitating sharing within a given industry, the report concludes that greater emphasis has to be placed on sharing between industries that share common characteristics. In fact, it concludes that “our standard practice of organizing information-sharing groups and activities according to broad industries is less than optimal. It might even be counterproductive.” Greater inter-industry coordination is the type of mission that only government can facilitate and it’s fraught with a host of privacy issues. We are talking about sharing information about members over an array of businesses and industries inconceivable when Gramm–Leach–Bliley was passed.continue reading »