Cybercrime is a major problem for credit unions and banks. A 2014 JPMorgan study found 60% of organizations were exposed to actual or attempted payments fraud in 2013.

Likewise, 80% of fraud or attempted fraud originated from outside the organization itself. Cybercrime affects customer wellbeing and trust, hurting the reputation of businesses and jeopardizing future growth. Protecting customers is important, and taking precautions can go a long way in doing that.

Luckily, credit unions can protect themselves from cybercrime and other threats very simply. Here are five important ways to keep your credit union in good cyber shape.

1. Mandatory, complex passwords

Create a comprehensive password policy to protect banking assets. These can be used for mobile devices, account and information access throughout your banking system, including employee access to bank computers and customer access to online accounts.

The policy should mandate strong requirements, including such rules as minimum passcode length, minimum number of complex characters (upper- and lowercase letters, numbers and symbols), maximum passcode age and maximum number of failed attempts.

2. Multi-factor authentication methods

Use multi-factor authentication to add another layer of security for your institution. This authentication method requires multiple ways to verify identity before providing account access. Examples include requiring a password and a passphrase for authentication or sending a unique code to a user's email to be entered alongside their password on secure banking sites.

Google, for instance, optionally offers two-factor authentication for accounts by requiring a user's regular password plus a one-time code sent to the user's phone in order to gain access.

3. Proactively monitor device security

Actively monitor business activity to prevent an attack from going unnoticed. Software on the market enables banks to monitor business and device activity; ensuring threats are flagged when they occur. Credit unions can establish business compliance policies requiring devices accessing banking data to be encrypted, have a PIN or be on a secure network in order to successfully connect.

If devices, such as smartphones, do not meet these requirements, credit unions can send a message to the user. Likewise, credit unions can notify users when an unknown device attempts to log in to their account, providing user visibility into suspicious activity.

4. Secure 'bubble' around important assets

Secure bank data by employing a multi-layered bubble to bank and customer information. These layers can come from hardware, software or device restrictions to ensure connections to the bank are safe.

Such layers include a strong firewall around credit union networks, employee access only through approved banking-only devices such as those that cannot be used for casual Web browsing, personal email or chat programs, whitelisted networks to limit unauthorized access to bank data away from the credit union and off-site backups to recover data if the bank network is compromised.

5. Communicate with employees

Communicate readily with employees about cybersecurity. Establishing an open dialogue about best practices and expectations ensures employees are knowledgeable, prepared and diligent when security breaches occur. Sharing ideas enables employees to make good decisions and establishes procedures for how to respond to attacks. Being honest about security also builds loyalty, diminishing the threat of intentional or unintentional employee behavior that could lead to a breach.

Cybercrime is a threat that cannot be underestimated. As more financial institutions move online, cybercrime becomes an increasingly bigger threat to ignore. By establishing some of the above principles in your credit union, cyberthreats can be minimized and, more importantly, members can feel secure doing business with your organization.

Kevin Kiley is director of enterprise solutions at AirWatch. He can be reached at 404-478-7500 or Kevin [email protected].