If your credit union has been paying attention, then you should already know that October is Cybersecurity Awareness Month. Sponsored by the Cybersecurity Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA), the annual event is in its 18^th year and continues to help individuals and businesses raise awareness about the importance of cybersecurity in the present age.

The increased use of digital technology around the globe over the past couple of years has also led to an increase in cyberattacks--particularly phishing. Phishing refers to when a malicious actor sends fraudulent emails or messages with the intent of stealing your personal information and/or money. Since credit unions have access to both the personal information of their members and their money, it makes them ripe targets for phishing and other types of attacks online.

For week two of Cybersecurity Awareness Month, the Cybersecurity & Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA) will be focusing their energy on phishing attacks. Themed “Phight the Phish!,” the week aims to spread awareness and reduce the risk of phishing attacks on individuals and businesses across the nation. Because credit unions are responsible for guarding both sensitive information and the money of members, it’s important to prepare for phishing attacks and understand how to prevent them and respond appropriately if one occurs.

As the world trends towards more and more digital solutions, there is an ever-increasing risk of individuals and businesses being exposed to cyberattacks. A cyberattack refers to the attempt to steal, disable, expose or destroy information illegally through unauthorized access to computer systems, and when cyberattacks succeed, they can be extremely dangerous and costly to whomever suffered the attack. Because of the clear danger of cyberattacks, it’s crucial that individuals and institutions like credit unions that rely heavily on digital infrastructures take the appropriate measures to protect themselves and their members.

Credit unions know their members--all 125 million of them and counting--better than anyone, and the right analytical tools and market intelligence can help your credit union gain market share in a competitive mortgage environment. It is always a good time for CUs to expand their offerings and use technology to streamline the process.

"Cash or credit?" Is that statement becoming a phrase of the past? New technology and tools that support cashless payment options such as tapping a smartphone, waving and paying with a card, or sending an online Peer-to-Peer payment have hastened this process along with changing societal norms and consumer preferences. It feels as though we truly are on our way towards a cashless society.

For many years, digital banking platforms and applications have been improving while the use of cash in America and around the world has been declining. Recent advances in technology combined with social distancing measures have changed member wants and needs, and this is having big implications for credit unions and the role digital banking technology will play in their future.

Digital payments and technologies are reshaping how people all over the world spend money--to the point where some economists are debating the future of cash. It’s not just the widespread use of credit and debit cards, but the rise of digital wallets, digital banking apps, direct deposits, instantaneous peer-to-peer payments and digital lending services that are solving people’s banking needs, and as a result, making cash less common.

The growing demand for digital banking services and the rise of fintech companies into the banking space means that credit unions (CUs) have to change the way they do business in order to stay competitive. Members now want access to a variety of online banking services, and the credit unions that fail to provide them likely won’t be around too much longer.

Today’s consumers have turned to digital solutions to handle all sorts of daily transactions. Unsurprisingly, e-commerce and the use of digital wallets have soared, and so have fintech companies that offer digital banking and digital lending services. Credit unions must keep pace and adapt to the changes in order to thrive.