Credit unions that want to stay in business for a long time must develop trust with their clients. One of the best ways to do this is by keeping their private information safe from malicious attacks. Investing in a strong cybersecurity plan is essential. These best practices for credit union cybersecurity are a great place to start.
Are Credit Unions Safe From Cyber Attacks?
Most small credit unions aren’t prepared to fight off a skilled cyber attack, making them a frequent target of hackers. A comprehensive cybersecurity plan is critical to keeping your credit union and its customers safe from cyber attacks. Without a plan, your credit union could face severe damage in the form of leaked personal information and lost data.
Biggest Cybersecurity Threats To Credit Unions
Credit unions face a never-ending list of cybersecurity threats. These are some of the biggest threats to credit unions:
- Malware: The most common security threat that credit unions face is malware – software that installs itself onto your computer without your knowledge. Malware allows hackers to steal information or delete files from your computers.
- Credit Card Fraud: Cyber criminals steal billions of dollars from credit card holders every year. Credit unions that store credit card information are highly vulnerable to cyber-attacks.
- Lack of Cybersecurity Experts: Surprisingly, few cybersecurity experts have the knowledge and experience necessary to create a comprehensive cybersecurity strategy for credit unions. Without this expertise, credit unions will remain vulnerable.
- Mule Accounts: A mule account is a fraudulent bank account set up using stolen personal information. These accounts are used to transfer funds into the hands of criminals.
Best Practices For Credit Union Cybersecurity
- Train your staff on best practices. Your first line of defense against any cybercriminal is your employees. By training them on how to recognize and respond to suspicious activity, you can prevent future attacks.
- Encryption is critical. Encrypt all your data when sending and receiving personal information. You can do this by providing your clients with secure links to share information. By encrypting all communications, you’ll make it more difficult for cybercriminals to access any sensitive information.
- Get a cybersecurity assessment: Regularly conducting risk assessments will help to stay on top of your credit union’s cybersecurity, so you’re prepared when an actual attack happens.
- Have a plan. In the event that an attack does occur, having a plan will help you to control, evaluate, and respond to the incident quickly.
- Keep your security software updated. Outdated software leaves your systems and data vulnerable to attacks. Ensure a strong response to cybercriminals by regularly updating all security programs.
Know Where You Stand – Get A Free Cybersecurity Assessment
You can’t start strategizing your cybersecurity plan until you know where you stand. A risk assessment will help you understand what your credit union needs to do regarding cybersecurity. Take a free cybersecurity assessment now, and you’ll have a starting point in just 5 minutes.