Data Privacy & Security Risks and Rating Implications for Canadian Credit Unions
As traditional banking activities continue to migrate online and the use of artificial intelligence-based technologies gain prominence while dependence on third-party service providers increases, credit unions, like other financial institutions, are being exposed to higher levels of data privacy and security risks. While a serious breach in data privacy has negative implications for credit union franchises, it can also lead to direct financial consequences stemming from regulatory fines and lawsuits.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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