5 cybersecurity challenges and opportunities to consider in 2023

This past year we emerged from the pandemic, and this upcoming year we woke up to several evolving cybersecurity changes in the overall business landscape. Nation-state actors and cybercriminals continue to evolve their methods of targeting credit unions, among other industries, scamming employees, or infiltrating IT environments. Making headlines worldwide, they are not slowing down anytime soon, and credit unions must take a proactive approach to security and command visibility into their networks.

Here are five cybersecurity challenges and opportunities credit unions need to consider as we move into 2023.

1. Cloud Security: From credit unions having to adapt to servicing customers through apps to employees working remotely, the world of cybersecurity has changed drastically. In the post-pandemic world, cybersecurity risks and the race to the cloud have increased. The key to managing cloud risk is how credit unions engage with the technology by having a provider that offers a highly secure core environment. It’s essential to be proactive and have visibility to see how your data is stored.
2. Cybersecurity Spending: Cybersecurity spending and budgets are increasing. According to ESG research, 65% of organizations planned to increase their budgets this year. Why, may you ask? Well, it’s become a vital budget line and represents a credit union’s license to comply and operate. Attacks and risks have risen, and so has spending. What used to be a ‘nice to have’ has quickly become a nonnegotiable as few organizations are willing to compromise their data and infrastructure.
3. Insider Threats: This emerging challenge may be more dangerous than the thought of data breaches themselves. Insider threats involve some sort of human error that occurs internally. Whether it is an employee accidentally leaking passwords credentials or ignoring security protocols, extreme implications are involved. Tough questions need to be asked regarding whether your organization has proper onboarding processes, security tools, and professionals to protect itself from insider threats.
4. Machine Learning and Artificial Intelligence: These buzzwords apply to every sector, especially cybersecurity. The importance and utilization are increasing, and embracing the change is best. Machine learning and artificial intelligence technologies play a significant role in implementing automated security solutions predicting behavior and patterns before an attack occurs. For example, User and Entity Behavior Analytics machine learning ingest data from individual users and entities, like workstations, servers, and endpoints, to baseline expected behavior.
5. Business Email Compromise (BEC) Attacks: There has been a 150% year-over-year increase in BEC attacks, according to the Security Magazine, deeming them the most financially damaging type of attack. BEC attacks are a low-risk, high-reward way to siphon money from credit unions and other organizations. Cybercriminals pose as vendors or company employees attempting to build trust by targeting employees, then asking them to complete an action. Employees need to gain awareness and be empowered with knowledge and skills to identify suspicious activity through Proactive Security Awareness Programs.

Command More Visibility

The last few years have been unpredictable, and from how things are unraveling, 2023 will be as well. The challenges above only represent a small portion of what the industry is up against and opportunities to take hold of. The key is to take all we know about cybersecurity and apply them fully to our current realities to have complete visibility. Knowledge is only the halfway point to winning the war.

Consistency and dedication are also essential for implementing proper techniques, platforms, and protocols to fight against cybercriminals. When cyberattacks on credit unions continue to evolve in sophistication, we anticipate new regulations and laws being passed to protect customer data further, propelling cybersecurity to the core of business decisions. Implementing the proper Security Operations Platform and Managed Detection and Response Services acts as an extension of credit union’s IT team proactively protecting crucial organizational assets. The more you know, the better off you will be.