When Canada’s largest credit union experienced a massive data breach in December 2018, the story quickly gained momentum. As the press reported on the incident, it was discovered that the breach was larger than initially expected, impacting all 4.2 million customers. Although the credit union took decisive action, they had to combat months of fallout from press coverage and work overtime to regain consumer confidence.
The highly sensitive nature of financial information makes credit unions an attractive target for malicious actors, and vulnerabilities within a credit union’s operations can allow unintentional privacy violations as well as identity theft. To counter threats to your members’ data, you need more than cybersecurity policies. You need good cyber defense.
Many businesses look to regulations like the Gramm-Leach-Bliley Act and such security requirements as Payment Card Industry Data Security Standard for guidance in safeguarding sensitive information. While certifications like these are extremely important, businesses also need to actively prevent, detect and respond to security incidents. To mount an effective cyber defense, make sure these six elements are in your arsenal: threat intelligence and risk assessment, incident response, continuous monitoring, access control, security awareness training and communication.
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