Many credit unions make the following calculation:
Will this new product/feature cost more or less than the fraud loss it would have saved us based on last years fraud loss totals.
This is roughly equivalent to saying last year my house didn’t burn down so I don’t need fire insurance. Or, for a real world example, think Patelco (a smart, sophisticated, credit union with extensive resources).
Your security budget and the security profile of your digital channel should be based on minimizing maximum potential loss.
Author: Chris Doner, Founder and CEO, Access Softek