Entries by Venkat Ayyer, Technical Marketing Director

Top 4 Cyber Challenges for Credit Unions

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Credit unions continue to be the primary targets of cyberattacks like phishing, ransomware, and supply chain attacks. This is due to the highly confidential nature of the data they collect and store. If this data falls into the wrong hands, the outcome can negatively impact the institution’s reputation, as well as its legal and financial standing.

Cyberattacks aimed at credit unions come at a high cost. Financial loss can range from $190,000 for small credit unions to as high as $1.2 million for large credit unions.

As technology advances, so have the cyber threats targeting credit unions. The National Credit Union Administration (NCUA) has continuously encouraged credit unions to “strengthen their institution’s cyber vigilance and preparedness efforts” to protect themselves and their members.

When Moving to the Cloud, Don’t Overlook Resources On-Premises

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Today’s infrastructure is complex and constantly evolving. In the cloud, security controls are implemented by developers and DevOps teams while on-premises controls are implemented by the firewall/network operations teams. These can create significant knowledge gaps, leading to unknown attack points.

Most security spending these days is focused on the cloud and treated as a silo, but you can’t afford to ignore your on-prem resources and how the two entities work together.