October 1, 2024—As regulated financial institutions, credit unions are acutely aware of the risks to infrastructure, software, data, and reputation posed by the malicious acts of cyber criminals. The financial services sector is a complex risk environment, and cyber threats become more and more technologically advanced. We manage the processing and protection of financial transactions and sensitive data every day, implementing and monitoring the performance of tailored and multilayered security systems and business continuity and cyber incident response plans, knowing that the resilience of the greater economy rests in part on the stability of these systems. Still, according to reports from the Cybersecurity and Infrastructure Agency (CISA), it is estimated that by the year 2025, cybercrime will cost the world $10.5 trillion annually. The epidemic of randomware attacks, growing number of AI deepfakes and synthetic identities, and widespread phishing and other scams will require not only a multi-agency response and ever-more-advanced technology, but also the participation and vigilance of all vulnerable sectors, businesses, and consumers.
October is Cybersecurity Awareness Month when the private and public sector work together to raise awareness about digital security and provide tools on how consumers and businesses can protect their data from digital crimes. Two leading agencies in this work— (CISA) and the National Cybersecurity Alliance (NCA)—have teamed up for a second year to deliver the Secure Our World cybersecurity awareness program. This month presents an opportunity to educate and remind both staff and members of these threats, and to provide actionable and concrete recommendations to them.
While the problem is large, there are basic precautions we can take that keep us from being easy targets. CISA has provided a list of four tips, each valid but differently implemented for individuals versus organizations, shared with their permission below:
- Recognize and Report Phishing: Phishing occurs when criminals try to get us to open harmful links, emails or attachments, often designed to look like they came from a trusted contact, that could request personal information or infect devices. Be cautious of unsolicited emails, texts, or calls asking for personal information or credentials. Resist the temptation to click on links or attachments. Report the message as spam, delete it, or take other action as identified in your own policies.
- Use Strong Passwords: Create long, random, and unique passwords for safer accounts. If allowed by your organization, use a password manager to securely store these passwords for ease of use.
- Turn on Multifactor Identification: Make your online accounts safer by requiring more than one verification of credentials. In the event your account is compromised, hackers may be unable to meet the second requirement to gain access and you may receive an alert of their attempt.
- Keep Software Up to Date: Flaws in software can be exploited by cybercriminals. Running regular updates on operating systems, programs, and apps ensures that your systems’ security tools and bug fixes are current.
Credit unions are encouraged to educate their staff and members of the security features of their online banking platforms and mobile applications, and to provide them with information on how to protect their data and identity when performing financial transactions online.
The CISA website at www.cisa.gov is a great resource for credit union staff, security professionals, and your members to learn about cybersecurity and risks, and to learn how to report cyber crimes. Their site includes an updated digital toolkit with guides, graphics, presentation slide decks, puzzles, printable posters, and more!