Virtually every aspect of a credit union’s business poses some type of risk. But, we continue to see significant losses and growing, changing risks related to cyber.
Credit unions that stay current on risk trends and integrate risk management into their day-to-day business plans and operations are more likely to minimize their losses. In light of this, here are three cyber risk management insights all credit unions should have on their radars.
- Ever-changing malware forms make detection by antivirus software nearly impossible.
Credential-stealing malware distributed in spear phishing attacks is a frequent cause of data breaches. Innovative attack strategies, such as Advanced Persistent Threat-related attacks, have created significant concern for IT professionals across the globe.
- Cyber criminals can also steal and encrypt your data assets and use ransomware to obtain their demands.
Cyber thieves’ use of malware goes beyond theft of sensitive data; some sophisticated malware forms have been used to steal funds directly from financial institutions and extort money by threatening destruction or release of sensitive data.
- Develop, practice and test your data breach response plans.
Regulators strongly encourage credit unions to be prepared with a data breach response plan. Additionally, place an increased emphasis on information sharing and FFIEC’s Cybersecurity Assessment Tool.
To learn more about these risks and key mitigation insights, view our webinar recording on the top risks in 2016.
Looking for even more ways to protect your credit union? Stay tuned for more risk management insights on our blog, or tune into our Credit Union Protection webinars, provided exclusively to our Bond policyholders.