The FLEX Connexion Blog

4 Common Misconceptions of Credit Union Cybersecurity

Written by Preston Packer | Oct 17, 2024

In today’s digital age, cybersecurity should be a top priority for every credit union. With the rise in cyberattacks, it's more crucial than ever to have a solid plan in place.

However, sticking to old methods isn't enough, as cyber threats continue to evolve and become more sophisticated. Unfortunately, some common misconceptions about cybersecurity can leave your credit union vulnerable to these risks.

Let’s address 4 of the most prevalent misconceptions about credit union cybersecurity and what you can do to stay ahead of threats.

 

 

4 Common Misconceptions About Cybersecurity

Myth #1: Cybersecurity is Too Expensive 

It's true that the upfront cost of cybersecurity can seem daunting, but the reality is that doing nothing can be far more costly. Cyberattacks can result in financial loss, reputational damage, and regulatory penalties that outweigh any initial investment.

Fortunately, there are ways to make cybersecurity more affordable for your credit union. Options like pay-as-you-go solutions and scalable security services allow you to manage costs effectively.

Plus, there are plenty of low-cost measures—such as staff training on phishing scams and safe data practices—that can significantly strengthen your defenses without breaking the bank.

Keep Reading: 5 Essential Cybersecurity Practices for Small Credit Unions

 

Myth #2: Our Vendor Handles All Security

While it's reassuring to have a vendor managing your cybersecurity, it's crucial to remember that cybersecurity is everyone’s responsibility—from the CEO to the front-line staff and even your members.

To ensure that everyone plays their part, you need to foster awareness throughout the credit union. This includes...

  • Educating members on how to avoid phishing scams through targeted emails and notices.
  • Conducting regular staff training to reinforce best practices for safeguarding sensitive information.

By creating a culture of shared responsibility, your credit union will be better equipped to prevent potential threats.

 

Myth #3: We’re Too Small to Be Targeted

Many believe that only large financial institutions are attractive to hackers, but in reality, smaller organizations, including credit unions, are often viewed as easier targets. Cybercriminals may target smaller institutions because...

  • Perceived weaker defenses
  • Valuable data
  • Less preparation for attacks

No matter the size of your credit union, cybersecurity is essential. Being "small" does not make you less of a target—it can actually make you a more appealing one.

 

Myth #4: Our Systems are Already Secure

It's great if you've invested in securing your systems, but the reality is that no system can remain fully secure indefinitely.

Cyber threats are constantly evolving, and what may have protected your credit union a year ago could be ineffective today. Hackers are always finding new ways to bypass defenses, so your cybersecurity measures need to adapt and stay ahead of those threats.

 

Elevate Your Cybersecurity with FLEX Technology

Cybersecurity is critical to the safety and success of your credit union. That’s why FLEX offers advanced technology designed to protect you from potential cyber threats, giving you the peace of mind you need to focus on serving your members. Don't leave your institution vulnerable—take the first step in strengthening your defenses.

Click the button below to download your free copy of our Security Services eGuide to start safeguarding your future today.