Does your credit union follow these four security best practices?

Credit unions are facing unprecedented times. During the pandemic, many rallied to address the strain on credit union employees and members. But the changes and pressures on the credit union industry have created opportunities for malicious actors attempting to take advantage of challenges in the industry.

Credit Union Security Challenges

Credit unions must use technology platforms, implement technical infrastructure, and protect those systems just like any other organization. Many take the responsibility of security very seriously and make it part of their mission. However, technology and security come at a high cost—not just the actual cost of the technology, but the time and people required to implement and maintain new and emerging platforms. To manage these costs, many companies rely upon third parties to manage platforms and execute services. These third parties are not directly managed by the enterprise but may have access to sensitive systems and information.

The high price of technology is not the only issue, member demographics and expectations are changing while competition increases from non-traditional organizations. Competitors have identified and offer alternative methods to traditional needs, which may be appealing to credit union members.

 

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