Cybersecurity: The biggest threat to credit unions and their members

The financial services industry is changing, and quickly. From new technology to increased regulation, credit unions are experiencing the effects of these changes each day.

On top of that, credit unions are facing threats now that didn’t exist just a few years ago. Cyberattacks have become a huge threat. The risks associated with cyber incidents are significant and can leave your credit union with huge problems.

These attacks can be costly, resource intensive, and damaging to your credit union’s reputation. A recent study found that the average cost of losing control of your network is $40,000 per hour, a massive hit for even the largest credit union. Additionally, credit unions that experience data breaches lose an average of 12 percent of their members.

Cybersecurity defenses are an important aspect of compliance. NCUA has rated cybersecurity as the top supervisory priority for audits in four out of the past five years. This emphasis will only heighten as cyberattacks become more complex and harder to prevent.


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