Smart(er) cybersecurity
How AI and ML can strengthen defense-in-depth strategies for credit unions
To combat ever-evolving threats, cyber-savvy credit unions are adopting a defense-in-depth approach complemented by AI and ML technologies to protect sensitive data and maintain member trust.
The cybersecurity landscape is in a constant state of flux, with new threats emerging almost daily. For credit unions, the stakes are particularly high. The sensitive nature of the data you handle—ranging from members’ personal information to transactional records—makes you a prime target for cybercriminals.
According to the What’s Going On in Banking 2024 report from Cornerstone Advisors, 48% of credit union executives identified cybersecurity as a top concern, up from 35% in 2023. This growing awareness reflects the escalating risks that credit unions face.
And IBM’s 2024 Cost of a Data Breach Report highlights the severity of these threats, revealing that the average total cost of a data breach has reached an all-time high: the average incident results in losses of $4.88 million, a 10% spike from $4.45 million in 2023—and the highest increase since the pandemic.
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