8 lessons credit unions should learn from 2014 data breaches

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Matt WilhelmI am the youngest in my family.  Eternally my mother’s baby.  Whenever I messed up in school or around the house, my mother would kindly say to me “Well, honey, you learn from your mistakes.”  Of course this infuriated my two older brothers, who would not always get the same gentle treatment when they forgot to turn in homework, or broke curfew.  My guess is most of you can either see my side of this story, or completely empathize with my brothers, depending on where you fall in your sibling lineup.I read an article yesterday from our friends at FLEX entitled “8 Lessons Credit Unions Should Learn from 2014 Data Breaches” and it got me to thinking about my mother’s wise words. We hear about data breaches constantly, whether it be from big box retailers or uber-sized financial institutions.  What is not always being broadcasted on national media are the countless smaller breaches and attacks: The times a credit union’s computers got a malicious malware that encrypted all their data, or when an employee got a PC stolen that had member sensitive information on it.Investigations of the major data breaches of 2014  have involved about 927 million consumer records. It is time we look at these breaches, and learn from our mistakes.Here are the 8 Lessons that Credit Unions should learn from the recent breaches:Hackers have become better organized:  According to a recent Rand report, 80% of hackers were freelancers, and 20% were part of larger organizations, 10 years ago; today that ratio is reversed.  Many of these organizations look like typical businesses with a normal corporate infrastructure.  Sometimes the hackers work together at the same location, and other times they are just emailing back and forth across great distances, but all are working toward a common goal. Often they are tied to traditional criminal organizations. continue reading »last_img read more

Read More
Report Prompts Close Scrutiny Of Charity Care At Calif Nonprofit Hospitals

first_img This is part of the KHN Morning Briefing, a summary of health policy coverage from major news organizations. Sign up for an email subscription. Report Prompts Close Scrutiny Of Charity Care At Calif. Nonprofit Hospitals Nonprofit California hospitals will face a state Senate committee hearing Wednesday after an auditor’s report found variance and leeway in just how much charity care the tax-exempt hospitals give.Los Angeles Times: Nonprofit Hospitals Face State Hearing On Tax-Exempt StatusA California state auditor’s report shows that nonprofit hospitals have significant leeway in determining how much charity care they provide to the neediest patients. A state Senate committee will discuss that issue and others at a hearing Wednesday as part of the debate over whether nonprofit hospitals do enough to justify their tax-exempt status (Terhune, 8/14).California Watch/The Bay Citizen: Nonprofit Hospitals’ Charity Care Faces Legislative ScrutinyNonprofit hospitals in California are facing new scrutiny over whether they are doing enough for the public to justify their tax-exempt status. The Legislature expects these hospitals to provide community benefits such as free or reduced-priced health care for the poor, known as charity care. The hospitals are required by law to report to the state annually on their community benefit plans (Mieszkowski, 8/15).A new survey also says that nonprofit hospitals face more audits than for-profit ones –Modern Healthcare: Not-For-Profits Face More Government Audits Than For-Profits, Survey FindsNot-for-profit health care organizations face greater scrutiny from government audits than their for-profit counterparts, according to a Health Care Compliance Association survey. Not-for-profits reported undergoing an average of six audits compared with four by for-profit health care providers in a 12-month period. Larger companies underwent more audits, as 76% of organizations with 5,000 or more employees reported at least one Medicare recovery audit-contractor review versus 30% of organizations with 250 employees or fewer (Selvam, 8/14).last_img read more

Read More