For the first time on record, data theft has surpassed the stealing of physical assets, according to Kroll’s annual global fraud and risk survey. The survey found that roughly 30% of businesses reported they had suffered information theft, loss or attack in 2017. Also, around 40% of executives reported their companies suffered a virus or worm attack.
The proportion of executives that reported their companies fell victim to fraud in the past year rose significantly to 82%, from 75% in 2015 and 70% in 2013, highlighting the escalating threat to corporate reputation and regulatory compliance, according to the Kroll survey.
Cyber incidents were even more commonplace, with 85% of executives surveyed saying their company has suffered a cyber incident over the past 12 months. Over two-thirds (68%) reported the occurrence of at least one security incident over the course of the year.
Enhancing payments security to reduce merchant data breaches’ impact on credit unions and members is among CUNA’s strategic priorities in 2018. CUNA will pursue legislation to subject merchants to more stringent data standards, examine ways to strengthen cyber infrastructure to protect member data, ensure CFPB and other agencies are protecting the consumer data they hold, and continue a litigation strategy to recover credit union losses and to obtain stronger data security policies.