ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » Cybercrime now costs the world an estimated $600 billion, or 0.8 percent of global gross domestic product, according The Economic Impact of Cybercrime report from the Center for Strategic and International Studies and McAfee. That’s up significantly from the previous version, which put global losses at close to $500 billion back in 2014.Looking at video surveillance devices in particular, they are like any other device attached to a network. If they are not configured and locked down properly, they can be a point of vulnerability for someone to hack into a credit union’s network and access data transferred over that network. It’s not so much that people would tap into the video network to see views from the cameras themselves. That is possible, but the bigger target is typically customer data.Protecting customer data has always been a priority for credit unions, but never have the stakes been higher. With the cost of a single data breach averaging $3.2 million, and per-record costs averaging $336 in heavily regulated industries like banking, according to the 2017 Cost of Data Breach Study, sponsored by IBM Security and conducted by Ponemon Institute LLC, the financial impact can be considerable. And that’s before factoring in the amount a credit union will likely spend on legal and investigation fees following an attack.
Your credit union’s offices soon (if they aren’t already) will be full of cards, chocolates, cookies, fruitcakes, and maybe tickets to the “concert of the year.” Can you accept these? Do you know when you might need to say “no thank you”?Now is a good time to review your credit union’s Bank Bribery Act policy. The act applies to all credit unions with accounts insured by the National Credit Union Share Insurance Fund.The National Credit Union Administration (NCUA) issued Interpretive Ruling and Policy Statement (IRPS) No. 87 in 1987 to provide federally insured credit unions with Bank Bribery Act guidelines. IRPS 87-1 gives credit unions some background on the act and recommends procedures to ensure compliance.Per the Justice Department:Under either 18 U.S.C. § 215(a) or (b), if the item offered or given is greater than $1,000 in value, the offense is a felony punishable by up to 30 years imprisonment and/or a fine of up to $1,000,000 or three times the value of the bribe or gratuity, whichever is greater. If the item of value is $1,000 or less, the offense is a misdemeanor punishable by imprisonment of up to one year and/or a similar fine. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »