Market Segment
Cyber attacks and cyber security vulnerabilities pose significant risks to the financial system. Given the vulnerabilities of the credit union industry and the broader financial system to potential cyber attacks, cyber security should be one of the top priorities and risks of risk management programs.
According to Federal Reserve Chairman, cyberattacks are one of the greatest risks to our global financial system. These risks have increased with the rise of online financial transactions. In the case of credit union cybersecurity, that means more and more work is needed to protect member data.
Direct attacks on credit unions are costly to revenue and customer trust. Annual financial risk can range from $190,000 for small credit unions to more than $1.2 million for large credit unions. Credit unions must continually reassess and adjust the impact of new cyber threats on their security programs.
The dark web is a vast collection of websites where criminals can rent space to buy, sell or trade anything from drugs to stolen credit card numbers. The dark web also contains many cybercriminals who work for hire and are eager to do anything that pays. Cybersecurity researchers have found that 86 percent of credit unions and 76 percent of retailers have at least one new exposed employee credit on the dark web.
86% of credit unions expose at least one employee’s credit on the dark web
A dark web e-commerce platform poses a threat to credit union cardholders because it sells card data to anyone with just a few clicks. These e-commerce platforms allow users to register and purchase cards without verifiable proof of payment. Once known, these platforms can be traced back to the card holders and their identity can be stolen.
Stolen credentials and personal information (PII), along with compromised card data, increase the ability of threat actors to evade fraud prevention controls.
Cybersecurity Credit unions must use advanced methods to prevent data breaches and limit the impact of cyberattacks. The first step in protecting your data is to understand the threat situation. Armed with the knowledge, credit unions can determine what defensive and offensive cybersecurity measures are needed.
Overcome the shortage of credit union cybersecurity professionals. There is a shortage of cybersecurity professionals in all industries, and credit unions are no exception. Credit union security teams must look for innovative solutions that can improve efficiency and optimize the productivity of security professionals. This means identifying security tools that are easy to use and deploy, and finding solutions that simplify the cybersecurity process.
Organizations are getting the attention of senior executives, including the C-Suite, because credit union cybersecurity must be an enterprise risk priority. These leaders help develop a culture of security and compliance, so risks and threats are aligned with operational and business goals.
To improve security, you must first understand the strengths and weaknesses of your application. Initiate an independent evaluation of all cybersecurity programs and risk assessment frameworks. Independent reviews and tests are essential to fairly verify security effectiveness.
Our goal is to help people in the best way possible. This is a basic principle in every case and cause for success. contact us today for a free consultation.
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