Economic and CU Monitor (Special Topic: Data Security) - June 2017

This month's special topic: 

Data Security

Huge data security breaches continue to dominate the news and have become so ubiquitous that extraordinary compromises to sensitive consumer information have seemingly become almost ordinary.  According to the Identity Theft Resource
Center (ITRC), the business sector (including retailers) has already reported 402 data breach incidents as of June 2017, representing  55.5 percent of overall breaches for the year and accounting for 69.6 percent of total exposed records (see chart). In just the past few weeks alone, major restaurant chain Chipotle admitted to a significant point-of-sale malware breach that affected sensitive personal financial data including cardholder names, card numbers, expiration dates and verification codes. Electronic signature company DocuSign also recently acknowledged a data breach that led to malware phishing attacks against its 100 million-plus customers.  Meanwhile, credit unions and other financial institutions are left holding the bag for these incidents by paying to replace payment cards and making their members whole again.

NAFCU's Economic and CU Monitor is a NAFCU member-only monthly report of the latest macroeconomic and financial trends affecting today's credit unions, including trend data among NAFCU member credit unions.