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:

  1.        Governance and Risk Management
  2.        Implementation and Design
  3.        User Authentication and Authorization
  4.        Prevention and Defense
  5.        Data Protection and Encryption
  6.        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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