It’s time to evaluate the top five cyber issues threatening credit unions

The Internet is ubiquitous not only at our workplaces and homes, but on the commute between them – we can’t go anywhere without our phones alerting us to a new email or even a traffic jam coming up. And as credit unions know, there are an increasing number of cyber threats out there that threaten members and sensitive-data security.

Here are the top five things to remember as you evaluate cyber issues facing your credit union:

  1. Point-of-sale (POS) attacks are far from over. Credit unions must remain on guard and quickly identify card charges and monitor reports of attacks hitting retail chains – which continue to happen with disturbing regularity. Have procedures in place to quickly act when the next one occurs to minimize costs and impact on your members. When the massive Target Corporation data breach occurred almost two years ago, NAFCU was the first financial trade to insist that retailers be subject to the same kind of strict data security standards that credit unions already adhere to. We are still working with Congress to try to pass H.R. 2205, the “Data Security Act,” and other similar legislation.
  2. Hold regular cybersecurity trainings for your employees. Hackers know how to disguise emails to make them look like something familiar, or like something sent from a coworker. We could all do with regular reminders to stay vigilant and be wary of hyperlinks in emails.
  3. Speaking of training – offer training to your members as well! You are keeping watch over their accounts and sensitive data, but they need to remember to be cautious and monitor those as well. With regard to email threats – make sure your members know what a real email from your institution looks like, and assure them that they can call to check the veracity of any questionable message that claims to be from you.
  4. Don’t just think about your work computers and your official website – remember the secondary targets as well: your social media accounts. Social media is a great way to keep in touch with members – but be sure to monitor your accounts for suspicious posts. Consult experts about social media-specific risks. Are your passwords good enough? Who has access to post for you on those accounts? Facebook and Twitter may seem innocent, but attacks have been known to originate there.
  5. Read NAFCU’s new “Compliance Cyber Café” newsletter” – the latest publication from our Regulatory Compliance team. This publication will track the most important cyber developments that could impact credit unions. Offered exclusively as a benefit of NAFCU membership, this newsletter will be a must-read for credit union leaders.

Cybersecurity can be frustrating, but NAFCU has got credit unions’ backs. You can be more secure by staying on top of the latest threats and trends. You’ll be doing your credit union and your members a big favor.

B. Dan Berger

B. Dan Berger

B. Dan Berger became NAFCU president and CEO on Aug. 1, 2013. He joined NAFCU in January 2006 as senior vice president of government affairs overseeing five divisions including legislative ... Web: www.nafcu.org Details