Credit unions have been spurred to accelerate their move toward digital platforms and services after coronavirus, making the member experience more seamless than ever. With the increased use of technology, however, comes the ever-present risk of cyber vulnerabilities. In early 2020, VMWare’s Carbon Black group saw “attacks on banks and other financial institutions spiking by 38% between February and March to account for 52% of all attacks observed.” Still, executives don’t seem overly concerned.
The increasing threats are leading to increasing cybersecurity budgets. In fact, the financial services industry has the most expensive cybersecurity costs per employee at $1,436, according to a survey by Kapersky Labs. That’s more than the utilities and telecom/IT industries at $1,344 and $1,258, respectively.
Lost productivity can be significant. For every cyberattack a credit union faces, employees are distracted from other technology and service projects to resolve the problems caused by a breach. Employees are forced to deal with the consequences of the cyberattack, and productivity screeches to a halt.
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