Financial institutions are falling victim to cyber attacks at a record pace in 2010. Through August, they recorded 42 documented data breaches. That’s on pace to surpass the 62 incidents reported in all of 2009, according to the Identity Theft Resource Center (idtheftcenter.org). The attacks include security incidents or direct breaches of credit union data, unlike the highly publicized third-party data breaches at retailers or card processors.

The problem will get worse before it gets better. There’s a sizeable black market for stolen information, and cyber crime pays much better than most traditional methods of theft… To read the entire article, please click here.