CU 2.0 Podcast Episode 134 Jim Van Dyke Breach Clarity

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Every day there are four data breaches. And every year literally of billions of dollars are lost in various frauds that are fed by the data stolen in breaches. Who pays the bulk of that loss? Financial institutions, says Jim Van Dyke, founder of Breach Clarity, an innovative company that wants to shed a bright light on the breaches themselves but also what any given breach means for this consumer.

Generally there’s enormous opacity around breaches. Most organizations are slow to divulge details – and that makes it difficult for a consumer to decide on an appropriate action plan.

Breach Clarity aims to shine a spotlight on the breaches but also to tell consumers what steps they need to take to protect themselves.

Note: this is not a LifeLock type company. Breach Clarity is about research and personalized prescriptions that in many cases the consumer will take him- or herself, often in association with a participating financial institution.

Key to Breach Clarity is that its business plan involved signing up financial institutions who in turn will offer the service to their customers and members. It is not a direct to consumer play.

Another key: for now Breach Clarity’s focus is on signing up credit unions in particular. The member focus, says Van Dyke, makes Breach Clarity a tool that credit unions will want to offer members.

And a benefit is that Breach Clarity may well reduce a credit union’s fraud losses and also call center costs associated with breached members.

The first Breach Clarity customer is BCU (nee Baxter Credit Union).   Check out a recent CUBroadcast show featuring Van Dyke and BCU’s Carey Price.

BCU forecasts its ROI on Breach Clarity will be 5x.

By the way, if Van Dyke’s name seems familiar it is because it should be. He was a co-founder of Javelin, a strategy and research firm focused on financial services.  In a spot check, I found I cited Javelin research and opinions 61 times when I wrote for CUTimes.  That’s a lot.

Check the Breach Clarity database for credit unions and there are 39 breaches. Is your FI on the list?

Don’ be lulled by that small number, Van Dyke warns.  Few credit unions are breached – buy they still are where much fraud shows up, using data stolen in other breaches.

Listen up.

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