Failing to prevent a data breach is a surefire way to lose that trust, however. Credit unions possess vast troves of personal information such as credit card data and Social Security numbers that could devastate members if leaked. Those affected by such incidents are likely to switch to another credit union or even abandon the industry entirely.
Several CUs have fallen victim to data breaches over the years, but many are instituting new defenses to combat such problems. Governments are stepping up to protect CU members, too, adding a layer of assurance that those…