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.

We hate to be "that" person, but we told you so. As predicted, Card Not Present (CNP) credit card fraud continues to rise since the establishment of EMV technology (chip cards) last October. CNP transactions include any payment made where the card is not physically present, online, over the phone or mobile. While card present fraud experienced a 43% decrease, according to Visa, CNP fraud experienced a direct increase. The US Payments Forum 2017 report stated that the increase in security of chip cards forced fraudsters to focus their attention on an easier target: CNP transactions. The report concluded that this trend will continue into 2018 and consumers can expect fraud dollars to exceed $6 billion.

Cybersecurity is in the forefront of all business owners' minds. As we become more interconnected, we open ourselves to more potential breaches. This concern is especially prominent in the financial sector. When you're talking about member's hard earned dollars, there's no room for error. There is an imminent deadline approaching that credit unions need to be aware of as it relates to credit union cybersecurity: An authentication protocol called TLS.

With new technology comes new risk. We see this often in our daily lives. Keyless entry and remote start for cars are convenient, but it didn't take long for thieves to come up with a device that lets them steal cars that use key fobs. Wi-Fi is essential to efficiency in our home and office, but even with complicated passwords, it can cause security nightmares. Mobile banking is a necessary offering to remain competitive, but Remote Deposit Capture (RDC) opens you up to a new kind of credit union fraud. A recent analysis of 400 FIs found that of all fraud cases involving mobile banking apps, 72 percent included remote deposit capture (RDC) and the use of fraudulent checks.

One cyber security breach can ruin a credit union. If member data is stolen, members will rightfully lose trust in their credit union. Today's expectations for data security are high and that includes your members' expectations. Cyber security is not just the concern of the IT department, it is a responsibility of each credit union staff member as well. A careless use of information can impact everyone. Here are some tips on ways you can help be part of your credit union's data security force. 

Credit union board members are not only responsible for the financial security of their institution, but also the proper safeguarding of member sensitive information. Proper safeguards ensure a credit union's ability to serve its membership, tasks that are accomplished through the adoption of technology as member behavior changes. The best way to ensure your board of directors understands the importance of technology is to remind them of this responsibility and build the business case to make the decisions easier. Here are 3 reasons why your board should consider technology upgrades to be a major priority as you plan for 2017:

With the remote workforce continuing its increase, businesses need solutions for supporting remote employees and screen sharing. Whether to troubleshoot PC issues with tech support or accessing a PC from home on a Saturday, most would agree that remote access is convenient. Credit unions also typically partner with external technology vendors to offer advanced services that are propelling credit union growth. As is the case with any technology, support is inevitable, and every vendor uses a different way for remote PC access to troubleshoot issues. This leaves many asking: How does remote access impact cybersecurity at my credit union?