Strategic Link partner, Vero, Helps Credit Unions Safeguard Against Data Breaches
Identity theft expert, Jim McCabe, discusses the root causes behind data breaches and identity theft events.
If Benjamin Franklin were alive today, he would recognize the inevitable fact that data breach events, like death and taxes, cannot be stopped. They can be deterred and delayed, but based on the avalanche of data breach events in the past, as well as the industry forecasts, Franklin would warn, “Be prepared.” Over one billion people were breached in just one month last year, between November and December.
Strategic Link partner, Vero, helps credit unions safeguard against the threat of data breaches and identity theft. They offer solutions to create awareness, provide education and deterrents, and offer recovery and restoration services.
A trend recently revealed by Cornerstone Advisors indicates that consumers, especially millennials, are turning to credit unions for services such as identity theft protection.
“Members in the Northwest look to their credit unions to not only provide valuable financial services, but also as an informational resource regarding various scams and how they can best protect themselves,” said Northwest Credit Union Association Director of Regulatory Affairs & Risk Management, Katie Clark. “The more information that credit unions can share with their members regarding the wide array of threats and the various ways to mitigate those risks, the better the ability consumers have to protect themselves.”
We hear about the growing list of companies who are focused on finding the magic pill that will give credit unions and individuals a sense of peace and security. These companies all pinpoint individual elements of data breach exposure and create products or services sold as preventative.
Whether it is credit monitoring services, software encryption programs, EMV chip cards, document destruction, or protective data storage offerings, they’re all one–dimensional solutions that are fighting a multi-dimensional problem. Blockchain technology was the 2018 solution for identity theft, but it too, has failed to guarantee safety.
Many former and current criminal investigation experts have warned about the fact that it is not a matter of IF you will experience a data breach, but rather WHEN it will happen. Security firms and experts on data breach, identity theft, and cybersecurity all understand that the root of the problem is actually inherent in the world’s rapid technological advancements and the public desire for increasingly more data mobility and accessibility. These factors, coupled with the human element (social engineering), are the real reasons that data breach and identity theft events are not stoppable.
The human element is responsible for almost 70 percent of all data breaches, even though cybertheft events get the lion’s share of headlines in major news reports. The human element consists of the disgruntled employee, the negligent vendor, the absent-minded manager, or simply the misplaced laptop or thumb drive of personal data.
When faced with the inevitable truth about data breach and identity theft events, prepare your credit union for WHEN it happens by having a strong and sound plan for mitigation and restoration and recovery. Incorporate strategies and solutions to help maximize your credit union’s preparedness for, and ability to, support members in their time of need, and for your credit union in its time of the unthinkable.
If you’d like to learn more about how VERO can help to protect your members against data breach and identity theft events, contact NWCUA Strategic Partnerships Manager, Kaitlin Ramos. To learn more about Strategic Link’s partnership with Vero, visit its webpage.