Cybersecurity investment pays dividends three times over
Building a sustainable cybersecurity program is crucial for credit unions, as 61% of cyberattacks are aimed at small- to mid-sized businesses, particularly financial institutions, according to the 2017 Verizon Data Breach Investigations Report. Lack of a strong cybersecurity program can be disastrous financially and in terms of reputation risk.
Companies looking to create cyberdefense programs must focus on 6 key areas:
- Governance and Risk Management
- Implementation and Design
- User Authentication and Authorization
- Prevention and Defense
- Data Protection and Encryption
- Monitoring and Response
Plenty of standards documentation exist, including ISO and NIST. The NIST Model, which NCUA refers to in its Cybersecurity Resources, breaks it down into these five components:
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