An article I wrote on Data Privacy for Credit Union's was recently picked up by the largest Credit Union publication in the nation, CU Times and published today. It is widely regarded as the paper of record for the credit union industry.
Here is a link to the article: Protecting What's More Valuable Than Money From Cyber Thieves
The article discusses the criminal indictment of Albert Segvec Gonzalez, who was also the mastermind behind the TJX Breach. It also discusses the 30 civil lawsuits against Heartland Payment Systems by Financial Institutions, Consumers, and Investors. More than 650 Institutions were affected by the breach.
Furthermore the article provides some insight on the FTC case alleging Goal Financial did not sufficiently safeguard personal data and the penalties that resulted from that case.
Finally, the article highlights steps that financial institutions can take to insure and mitigate risk. Insurance products can be designed to pay regulatory fines and penalties, 3rd party lawsuits including member lawsuits, and expenses associated with the data breach including compliance to red flag rules.
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