Credit Union Times: Account Takeovers, Code Vulnerabilities Threaten Credit Unions

October 6, 2015 — Account Takeovers, Code Vulnerabilities Threaten Credit Unions

Increasing threats of cyberattacks against financial institutions – which are not only growing in size, but targeting more valuable personally identifiable information – have led to increased scrutiny of risk management programs.

There are no shortcuts when it comes to establishing an effective, end-to-end cybersecurity program, and in an age when massive data breaches are becoming the norm, complacency is extremely hazardous. One major area of concern involves what happens to stolen data after a breach occurs, as an incident’s repercussions often spread outside the breached organization.

The Vancouver-based cybersecurity company NuData Security monitored and evaluated 5.1 billion actions that took place from May through July 2015, and discovered a number of emerging trends, including a growing number of account takeovers. Of the more than 500 million account creations analyzed, more than 57% were flagged as high risk or fraudulent, compared to 28% in February through April 2015.

“We are seeing all these accounts created using stolen data,” Ryan Wilk, director of customer success at NuData, said.

To see the full article at Credit Union Times, click here.