Smaller financial institutions, such as credit unions, need to keep their systems well-protected from cybercriminals, whether they're insiders or those operating from outside of the organizations. To do so, credit unions must first understand just how important IT security is. They must also come to terms with how their IT security capabilities are likely more limited than larger firms with more spending capital. When they accomplish both, they can take the appropriate measures to protect themselves.
The threat from cybercriminals is real, and credit unions must be on the constant lookout for potential breaches. These institutions are very vulnerable to cyber attacks because of their smaller size, and don't always have the IT infrastructure and resources to thwart cyber attacks like their larger counterparts, according to a new 2016 Beazley Breach Response Insights report.
"You're being tested every day, whether you realize it or not," said David Luchtel, Vice President of IT Infrastructure and Operations at WSECU, according to Credit Union Times.
Credit unions face major challenges when protecting financial data in today’s threat landscape. In addition to protecting consumer data and financial records, IT security teams must also deal with compliance mandates for FFIEC and a patchwork of federal, state, and other industry regulations. With so many regulations and areas to consider, the task of securing a network from breaches and vulnerabilities while meeting compliance requirements can seem overwhelming. That task has become even more onerous with the National Credit Union Administration (NCUA) buckling down even further on FFIEC compliance to ensure that credit unions are as secure as possible, given how many data breaches are still happening in the financial services industry today.