As cyber threats evolve, small to mid-sized credit unions (SMCUs) must prioritize cybersecurity to protect member data and maintain trust. Implementing a solid strategy is crucial for preventing breaches and ensuring regulatory compliance. Below are five essential practices SMCUs can adopt to bolster their cybersecurity posture.
NCUA describes a "small" credit union as $100 million or less in assets. There are challenges and benefits to being a smaller credit union. One of the challenges can be cybersecurity.
Some cybersecurity technology can be expensive, and there might be budget limitations or resource constraints, especially as cybersecurity threats continuously evolve.
Additionally, implementing comprehensive security measures can be costly and complex. All these factors combine to make cybersecurity a tough challenge for you.
Human error remains one of the top causes of security breaches, with 74% of breaches being caused by human error. Employees at all levels must be equipped with the knowledge to recognize and respond to potential threats.
The most important thing is to offer continuous training on the latest cybersecurity trends and best practices. With ongoing education, your credit union staff will feel confident and empowered in making security their personal goal.
Multi-factor authentication adds an extra layer of security by requiring users to provide two or more forms of verification before accessing sensitive systems.
Even if credentials are compromised, MFA prevents unauthorized logins. Encourage members to use MFA for online banking and mobile apps to safeguard their accounts.
Outdated software and unpatched vulnerabilities are prime targets for cybercriminals. Maintaining up-to-date systems is essential in mitigating risks.
Protecting sensitive member data is vital, and encryption ensures that data remains secure even if intercepted. Additionally, regular backups protect against data loss due to ransomware or system failure. Consider the following technology:
Routine assessments help identify weaknesses and ensure compliance with industry regulations. Conducting regular audits keeps your cybersecurity framework up to date.
By implementing these five essential cybersecurity practices, your credit union can safeguard member data, maintain trust, and ensure compliance with regulations.
Staying proactive will help protect against ever-evolving cyber threats, allowing your credit unions to focus on what matters most—serving your members. Click the button below to discover FLEX's top-notch security services to give you peace of mind.