ARLINGTON, Va.—Sixty-three percent of respondents to NAFCU's latest Economic & CU Monitor survey on cybersecurity indicated they are "very concerned" about another Equifax-type data breach.
Regarding the Equifax data breach, 20% of survey respondents have already reissued new credit and debit cards to their members. In addition, credit unions have assisted their members who were exposed by the Equifax and other data breaches by providing member services including: education, identity theft insurance, credit protection services, identity recovery services, credit score monitoring and other services, NAFCU reported.
Credit union survey respondents were also concerned about the threat of a merchant data breach, with 58% indicating they were "very concerned."
In efforts to address the growing threats of cyber intrusions, the month's survey results show that more than 9% of respondents' overall operating budget is devoted to information technology/cybersecurity; all respondents expect an additional "moderate increase" or "significant increase" in their IT/cybersecurity budgets over the next five years. Also, 64% of respondents have hired a chief information security officer to exclusively manage cybersecurity related activities at their institutions.
Also included in the Economic & CU Monitor are the results from the November Credit Union Sentiment Index (CUSI), an index based on NAFCU member responses to eight questions on growth and earnings outlook, lending conditions and regulatory burden.
The CUSI improved in this month's report – registering at 67.3 from 65.2 in October – due in part to gains in expected growth and earnings. Both the lending and regulatory components declined during the month. However, members had a mildly more positive outlook regarding their expectations for regulatory burden over the next 12 months versus the previous 12 months, NAFCU said.