|By Business Wire||
|February 10, 2014 05:23 PM EST||
The National Association of Federal Credit Unions’ (NAFCU) February Economic & CU Monitor survey found that credit unions, and by extension their 96 million members, are paying a high price for retailers’ data breaches. NAFCU estimates that the recent Target data breach could end up costing the credit union community nearly $30 million. Among those surveyed, the average cost for the Target data breach was $45,000.
“The survey findings are staggering. Credit unions are being hit by a double whammy in terms of numbers of possible data breaches and costs while they continue to pick up the tab for retailers who are not subject to the same high level of data security standards,” said NAFCU Chief Economist and Director of Research David Carrier. “It is ironic that despite the ample rules in place to ensure data protection standards at financial institutions like credit unions, merchants and retailers are not held accountable for data breaches. Cybercriminals will continue to capitalize on this double standard and wreak havoc with consumers and our economy.”
NAFCU’s Economic & CU Monitor on data security reported:
- Respondents were alerted to a possible breach 263 times on average in 2013, and the average amount spent on data security measures was $158,600.
- Respondents reported an average of $152,000 for data breaches in 2013. The median cost was $59,000.
- The bulk of these costs were related to fraud losses and investigations (46.7 percent), followed by reissue costs (34.4 percent) and monitoring costs (19 percent). Reissuing cards takes 7 days, on average, and costs $5 per card.
- Almost half (42 percent) of respondents confirmed that their reputation had been harmed due to a merchant data breach.
- Survey respondents indicated that an average of 10,300 cards were affected by merchant data breaches in 2013.
NAFCU was the first financial services trade association to weigh in on this issue on Capitol Hill and urged Congress to take action and set national data security standards for retailers and merchants. Financial institutions, including credit unions, have been subject to standards on data security since 1999 under the Gramm-Leach-Bliley Act. However, retailers and other entities that handle sensitive personal financial data are not. So, when a data breach occurs, financial institutions bear a significant burden as the issuers of payment cards used by millions of consumers.
NAFCU is urging Congress to pass S. 1927, the “Data Security Act of 2014,” by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo. This bill leaves intact the federal standards already imposed on financial institutions and seeks to extend the protection further, by setting national standards for all merchants and retailers to follow in protecting data, providing timely breach notification and paying their share of the clean-up when breaches occur.
NAFCU’s Economic and CU Monitor is a member-only monthly e-newsletter of the latest macroeconomic and financial trends affecting today's credit unions, including trend data among NAFCU member federal credit unions.
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Apr. 29, 2017 10:45 PM EDT Reads: 1,775
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 29, 2017 10:30 PM EDT Reads: 2,764
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 29, 2017 10:15 PM EDT Reads: 1,729
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Apr. 29, 2017 10:15 PM EDT Reads: 2,587
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Apr. 29, 2017 10:00 PM EDT Reads: 2,628
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Apr. 29, 2017 09:45 PM EDT Reads: 1,422
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Apr. 29, 2017 09:30 PM EDT Reads: 2,275
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 29, 2017 09:30 PM EDT Reads: 2,540
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 29, 2017 09:15 PM EDT Reads: 1,556
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 29, 2017 09:15 PM EDT Reads: 2,548
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 29, 2017 08:30 PM EDT Reads: 2,445
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Apr. 29, 2017 08:15 PM EDT Reads: 3,091
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
Apr. 29, 2017 07:30 PM EDT Reads: 822
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Apr. 29, 2017 07:15 PM EDT Reads: 1,348
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 29, 2017 07:00 PM EDT Reads: 1,548