PayPal CEO Offers Sobering Outlook of Cybersecurity Threats

The PayPal President and CEO Dan Schulman has assured credit unions that his company views them more as partners than competitors.

Speaking during the Michigan Credit Union League’s Annual Convention & Exposition, he told the crowd that his company has made the choice to be “a customer champion,” in part by allowing PayPal users to select how they route transactions through the payments provider.

“The average American business is attacked millions of times per year from a cyber[security] or malicious malware basis. 80 percent of attacks come from hacktivists, 18 percent are from cybercriminals looking for personal information like financial and health records that can be sold on the dark web.” Schulman said “it is essential that we understand what the bad guys are doing, what attack vectors they’re using, and how it impacts” consumers and businesses.

In order to survive, said Schulman, institutions must be willing to change their business models and adapt to how consumers do business.


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