CUNA's Governmental Affairs Conference offered guest speakers,educational opportunities and insights from our government leaders– all providing valuable information. But one key message deliveredby NCUA Chairman Debbie Matz stands out: Today's credit unions facean ongoing and active threat from cybercriminals andcyberterrorists. Already, these attacks are causing significantfinancial and reputational damage.

Credit unions must step up their defense against online menaces,plain and simple. The potential damage of a breached credit unionsystem – such as compromised member data and identity theft,fraudulent transfers of funds or unauthorized access to vendors andbusiness partners – is just too great. And unfortunately, theseworries are here to stay.

Matz offered several best practices and security protocols thatall credit unions should initiate, such as vendor due diligence,strong password policies, proper patch management, employeetraining and network monitoring. But this isn't enough. Creditunions also should follow the news, trends and emergence of newcyberthreats, making sure their vendors and business partners dothe same. Finally, credit unions need to educate themselves, sharetheir knowledge with others and keep this issue a top priority atindustry-wide events.

I recognize that's a lot for most credit unions to manage ontheir own because adequate risk-mitigation and security measuresrequire the attention of top management, IT professionals andoperational staff. If internal resources are limited, managementshould consider engaging third-party providers who can offercritical guidance, expertise and resources.

Cyberthreats are hitting closer to home every day. Whether theygo it alone or seek outside support, credit unions must bolstertheir security posture and lower their overall level of risk. Andthey must do it soon.

Richard Carberry

Senior Consultant

Sollievo

Middletown, Pa.