Leverage Credit Union Technology for Improved Compliance

By Preston Packer |

Sep

17

Financial services are fraught with risk. Any service built around the exchange of money is going to get the attention of all sorts of ne'er-do-wells, from your average scammer to extremely advanced cybercriminal operations that are adept at hiding their tracks. A credit union must protect its members and their assets, and failure to do so will discredit your viability as a trusted institution. Fortunately, credit unions have the benefit of a network of advisory organizations to help educate and assist in the identification of threats. The right credit union technology can also provide advanced tools to detect fraud. Used in combination, these resources will help ensure you provide your members with the security they need and expect.

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Tips to Improve Credit Union Cybersecurity

By Preston Packer |

Sep

16

Cybersecurity is a systemic risk that affects all levels of business, government and ordinary people. It is such a high-risk area for credit unions that the National Credit Union Administration (NCUA) placed cybersecurity as a top focus for exams. As the cybersecurity world continues to evolve, it's important that your credit union is prepared for possible threats. Be proactive and shield your credit union from the ever-changing cybersecurity universe now.


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The Economy of Cyber Crime and Attacks to the Financial Industry

By Preston Packer |

Aug

27

 

 


There is now a whole economy of cybercrime developing specifically targeting the financial services sector and its consumers. Phishing, Credential Stuffing and other web-based attacks have had a huge cost and impact on the industry...to the tune of nearly $3 million per minute! What can be done to protect your members and their information from a cyber attack and minimize the expense if one should happen? A combination of technology and education can be your best defense.

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The Biggest Cyber Security Mistake a Credit Union Can Make

By Preston Packer |

Mar

07

Cyber security restrictions and regulations have been tightening as procedures become increasingly reliant on technology. In the past several years, the financial services industry has endured more than a few data breaches. In 2016, credit unions and banks with less than $35 million in assets accounted for 81% of hacking and malware breaches. The aftermath of these incidents has led to stricter policies and higher expectations for member data security. Credit unions have been working to build a culture of cyber security that is ingrained in every stage of data storage and transit including in-branch and over networks. The National Cyber Security Alliance outlines a recommended process for identifying, protecting and detecting potential security risks, but it is equally important to have a plan in place should a breach occur. Here are some considerations for responding to and recovering from cyber security scares.

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How the Facebook Privacy Scandal is Changing Credit Union Security

By Preston Packer |

Sep

26

Recently Facebook experienced the largest one-day drop in history when it’s stock price plummeted $41.24, which turned out to be a decrease just shy of 20%. Facebook’s stock price has proven to be volatile throughout 2018 between decreasing user engagement, the Cambridge Analytica data breach, and Zuckerberg’s highly televised testimony to Congress. However, the biggest hit came at the end of July when Facebook released its Q2 earnings report, which unsettled investors once they saw a decline in active Facebook users, new obstacles emerging from Europe’s updated privacy laws, and concerns regarding the monetization of ads on Instagram leading to an overarching concern about Facebook’s potential profitability moving forward. Despite the variety of issues that led to Facebook’s demise in the stock market, the source of these problems all stems from one place: Security.

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Managing Credit Union Cybersecurity at Small & Medium Size CU's

By Preston Packer |

May

03

In 2017, the National Credit Union Administration developed a tool to help credit unions assess their level of credit union cybersecurity preparedness. Designed for the credit union industry, the Automated Cybersecurity Examination Tool is a great resource to help credit unions to evaluate their preparedness. However, in 2018 the NCUA is using it to review credit unions larger than $1 billion in assets and will be refining the tool to see if it will scale properly for small and medium-size credit unions. With this tool on the map for all credit unions, what should we know now?

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Are Biometrics the Future of Credit Union Security?

By Preston Packer |

Feb

28

With the increased use of mobile banking apps, cybersecurity has quickly come to the forefront as an imperative measure to guard against hacking and fraud. In a recent study, researchers predicted that smartphone subscriptions could hit six billion globally by 2020, and 81% of adults in the U.S. will be using mobile banking. As all of these members transmit their usernames, passwords and account information over the local area WiFi, there is an increasing amount of vulnerability that could lead to their information being compromised.
 
Similarly, online banking has also felt the impact and the need for more robust security measures, as credit unions now offer loan and account applications and a variety of other transactions over the internet, capitalizing on the convenience and ability to reach an account holder at home or on the go.
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