Vulnerability management solutions for credit unions: What, why, and how

Credit unions, like any other financial institution, are not immune to malicious cyber threats. These threats continue to evolve, putting sensitive member information and transactions at risk. As such, credit unions must remain vigilant and proactive in their approach to cybersecurity.

One of the cornerstones of an effective cybersecurity strategy is consistently patching and updating systems to address vulnerabilities. However, managing the constant flow of patches and updates can be a formidable task for credit unions with limited resources.

This article will explore the importance of vulnerability management by detailing what it is, why credit unions need it, and its benefits.

What is vulnerability management?

Vulnerability management is the process and service that keeps network devices and software on computers up to date by identifying and deploying patches to all of a credit union’s endpoints, including servers and mobile devices. Patches can include new functions or features to an application and are short-term solutions until a new software release exists. Any software is bound to have technical vulnerabilities, and once exposed and shared, cybercriminals can target it.

According to the Ponemon Institute Vulnerability Survey, “60% of breach victims said they were breached due to an unpatched known vulnerability where the patch was not applied.”

The goal for IT teams is to implement the patch to limit exposure before cybercriminals can exploit it. Patching applies to IT vendors and their customers—everyone needs to do it. Bulletproof security is impossible to create, but that doesn’t mean credit unions are defenseless to vulnerabilities.

Why do credit unions need vulnerability management?

As cyberattacks continue to rise, credit unions must take proactive steps to maintain a healthy cybersecurity posture. One of the leading causes of data breaches is unpatched operating systems and software applications, making it critical to implement a timely patch management process. Strengthening your IT security with patches can help improve overall functionality and performance by minimizing downtime caused by unsupported or outdated software. The patch management process can help customers deploy new benefits and features, helping your credit union run more productively.

How do credit unions benefit from vulnerability management?

Here are some of the many benefits of adding vulnerability management to your cybersecurity plan:

• Enhanced member satisfaction – By consistently patching vulnerabilities and keeping systems up-to-date, credit unions ensure smooth operations and minimize service disruptions. This helps maintain member trust by providing a reliable and secure banking experience.
• Strengthened security measures – vulnerability management plays a crucial role in safeguarding credit unions’ IT infrastructure by addressing software vulnerabilities promptly. This proactive approach reduces the risk of data breaches and unauthorized access, protecting sensitive member information and ensuring regulatory compliance.
• Compliance adherence: Credit unions are subject to various regulations, such as the Gramm-Leach-Bliley Act (GLBA) and the Payment Card Industry Data Security Standard (PCI DSS). Vulnerability management helps credit unions meet compliance requirements by regularly updating systems and addressing known security vulnerabilities.
• Continual innovation: Vulnerability management can also serve as a vehicle for introducing new features and functionalities. By deploying patches, credit unions can improve their technology offerings, enhance member services, and stay at the forefront of technological advancements within the financial industry.
• Cost savings: Implementing vulnerability management can help credit unions minimize potential financial losses associated with security incidents and data breaches. Credit unions can allocate resources toward business growth and member-centric initiatives by preventing security breaches and associated costs (such as legal fees, remediation efforts, and repetitional damage).

Vulnerability management solutions for credit unions

Vulnerability management is essential to a comprehensive cybersecurity strategy for credit unions. By consistently patching and updating systems to address vulnerabilities, credit unions can enhance member satisfaction, strengthen security measures, ensure regulatory compliance, drive innovation, and save costs.

With Adlumin, credit unions can leverage vulnerability management to protect sensitive member information, maintain regulatory compliance, and enhance their overall cybersecurity posture. Contact us today to learn how Adlumin can help your credit union stay one step ahead of cyber threats, or request a demo.