Volunteer Corporate Credit Union
Nashville, Tennessee - Photo Courtesy of Barry Shulam
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May/June 2017 Issue: Front Page > Member Education

Cybersecurity – Should I Worry?
By Jason Duke, White Mile Consulting

Cybersecurity Lock Cybersecurity - there is a word that can make your hair stand on end. Should you worry about it? You may be thinking:

  • Hackers are going after the big banks and companies, right? They would never target a small credit union.
  • My employees know better than to open those crazy emails.
  • I don’t think we have wireless. Besides, all you can do is surf the Internet, and we have a password on it.
  • Backups? We make them…. I think.
  • Do we secure our data? Sure we do. It’s all there safe inside our building.
  • Mobile Banking and Deposit? We don’t do that. We just offer a Virtual Branch program that you have to use a computer to access. What do you mean members are using their cell phones and tablets to try and do Mobile Banking?

The need for cybersecurity has never been greater and most credit unions are not well-positioned to respond to the growing list of requests, audits, and examinations. Hackers and criminals are getting more sophisticated and the proliferation of mobile devices and a more IT-savvy member base has pushed technology to where we feel like it drives us, instead of us controlling it.

Risk assessments, IT policies, security awareness training, cybersecurity assessment, business impact analysis, disaster recovery, social engineering, penetration tests, vulnerability assessments… My goodness, I need an ibuprofen. Examiners say I need an IT Audit? Have we had one of those?

Recent NCUA guidance reminds us that we need a Part 748A Information Security Program with a risk assessment. Credit Unions are to maintain a Disaster Recovery Program and a Business Continuity Plan based on a sound Business Impact Analysis, which comers from a well-developed risk assessment that reveals vulnerabilities in order to develop strategies to minimize risk.

Cybersecurity… it doesn’t matter if you have $1 Billion or $1 Million in assets. It affects all of us in similar and often painful ways. Interested in learning how you can bring many of these worries under control when you develop an Information Security Program? Then, don’t miss our Cybersecurity training session at VolCorp’s Forum ‘17 on Thursday, August 17th at 11:00 a.m. We will show you some of these dragons can actually be tamed and how you can close the gates on the corral with some help!

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